Shares of Reliance Industries gained over 4 percent on Tuesday on reports that the company’s talks with Saudi Aramco for sale of a minority stake in its oil-to chemical business is underway.
Shares of Reliance Industries gained over 4 percent on Tuesday on reports that the company’s talks with Saudi Aramco for sale of a minority stake in its oil-to chemical business are continuing despite headwinds like coronavirus pandemic and steep fall in crude oil prices.
The stock rose 4.16 percent to touch intraday high of Rs 1,057.50 on the BSE.
Last year, in an effort to become a net debt-zero company, Reliance Industries had entered into a memorandum of understanding with Saudi Aramco to sell a minority stake in its oil-to-chemical business at an enterprise valuation of $75 billion.
According to a Bloomberg report, Saudi Aramco has continued its due diligence process of Reliance’s oil-to-chemical business. Concerns over a delay in the deal were rising after the outbreak of the coronavirus pandemic and the massive fall in global crude oil prices.
It is noteworthy that shares of Reliance Industries have seen a decline of over 31 percent so far this month.
At 11:35 am, the stock was trading 1.93 percent higher at Rs 1,034.80 on the BSE.
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First Published: IST