Energy conglomerate Reliance Industries on Friday said its board approved spending up to 104.4

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billion rupees to buy back shares.

Reliance, India's biggest company by market value, said it will buy back up to 120 million equity shares from the open market at a maximum price of 870 rupees each, in its first share buyback since 2005.

Earlier, the company reported a 14 percent fall in October-December net profit, its first quarterly profit drop in more than two years as gross refining margins fell sharply.