The board of utility Reliance Energy Ltd asked six directors who resigned last week to reconsider their decisions as India's largest conglomerate tries to mend a rift between the two Ambani brothers who run it. The board also said it would consult the board of Reliance Industries Ltd, the group's flagship and the utility's main shareholder, on "several matters concerning the future prospects of the company and related issues", without giving further details.
The power struggle between the two sons of Reliance founder Dhirubhai Ambani has been a blow to investor confidence across Reliance's petrochemicals-to-telecoms empire.
Both Reliance stocks rose on Tuesday ahead of the board meeting as senior company officials indicated the brothers would be able to bury the hatchet.
Reliance Industries Chairman Mukesh Ambani called its recent share drop an "aberration", and the shares rose 1.4 percent. Reliance Energy, run by younger brother Anil Ambani, added 1 percent on a Bombay market, which hit a new closing high.
Reliance Industries and Reliance Energy had fallen as much as 10.7 percent and 15.7 percent, respectively, in the six trading days to Monday.
Following its board meeting on Tuesday, Reliance Energy said the six directors would stay on until a final decision was reached. Brokers had hoped a rejection of the resignations would signal improved relations between the brothers.
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