Indian shares slipped nearly 1 % early on Thursday, tracking downfalls throughout Asia.

However, investors went for additional monetary tightening to knob high inflation in Asia's third-largest economy.

Reliance Industries and Infosys Technologies were badly injured in the foremost 30-share BSE index that slumped 0.77 % at 18,289.86 points.

Indian stocks are expected to witness a gap-down opening due to gloomy global cues.

Anil Ambani chaired Reliance Broadcast Network Ltd announced that it has decided to make entry into a joint agreement with the Luxembourg-based television and radio network, RTL Group, to function and hold a network of TV channels in the Indian market.

Better margins in refining and petrochemical in the three month period ended December 2010 aided Mukesh Ambani-promoted Reliance Industries (RIL) to record its maximum quarterly profit during the last three years.

The energy-to-retail company said that its net profit met street projections and remained up by 28.14% at Rs 5,136 crore as compared to Rs 4,008 crore in the same period of 2009-10.

According to Forbes magazine, Reliance Industries Ltd (RIL) chief Mukesh Ambani will be the world's wealthiest man by the year 2014.

Mr. Ambani will have a net worth of $62 billion, overtaking Mexican mogul Carlos Slim.

UAE-based telecom operator, Etisalat is close to purchasing around 26% equity stake in Anil Ambani group firm Reliance Communications Ltd for approximately of Rs 15,000 crore.

RCOM representative refused to comment whilst Etisalat executives did not answer phone calls.

Reliance Petroleum Trust is all set to sell out about 10 million shares at Rs 2125 each. Further, the company also plans to sell additional 10 million shares, which would take overall proceeds up to US$880 million.

As per the statement from a fund manager, the company may be planning to buy a petroleum asset out of the country, taking help of fallen valuations.