Reliance Industries shares tumble over 4%

Shares of Reliance Industries Ltd on Monday tumbled over 4 per cent after it shelved a proposed deal to promote a 20 per cent stake in its oil refinery and petrochemical enterprise to Saudi Aramco for USD 15 billion.
The market heavyweight inventory tanked 4.22 per cent to Rs 2,368.20 on the BSE.
At the NSE, it tumbled 4.17 per cent to Rs 2,370.
After lacking two self-imposed deadlines, billionaire Mukesh Ambani’s Reliance Industries Ltd has shelved a proposed deal to promote a 20 per cent stake in its oil refinery and petrochemical enterprise to Saudi Aramco for an asking of USD 15 billion, because the Indian agency focuses on the brand new power enterprise.

“Due to evolving nature of Reliance’s business portfolio, Reliance and Saudi Aramco have mutually determined that it would be beneficial for both parties to re-evaluate the proposed investment in O2C business in light of the changed context,” the Indian agency mentioned late Friday, including that it’s going to proceed to be Saudi Aramco’s “preferred partner” for investments in India’s non-public sector.

Ambani had in firm’s annual common assembly of shareholders in August 2019 introduced talks to promote a 20 per cent within the oil-to-chemicals (O2C) enterprise, which includes its twin oil refineries at Jamnagar in Gujarat, petrochemical belongings and 51 per cent stake in gasoline retailing three way partnership with BP, to the world’s largest oil exporter.
At that point, he had introduced the deal would shut by March 2020. The deadline was missed and the corporate blamed pandemic controlling restrictions, imposed in direction of the top of March 2020, for hampering due diligence.
This yr too, on the AGM, Ambani said that the deal would shut by the top of the yr. At the identical occasion, he additionally introduced new power forays, together with a plan for growing one of many largest built-in renewable power manufacturing services on the earth.