India's Reliance Industries drops after halting stake sale to Saudi's Aramco
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2021/11/2b3568be78b4fc2a9095cdecdf8faf24.jpg)
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
BENGALURU - Shares of Reliance Industries fell 4.2% in early trading on Monday as India's largest firm decided to halt a stake sale in its oil-to-chemicals business (O2C) to Saudi Arabia's Aramco and pulled back from a potential spinoff of its most profitable unit.
Over the last two years, the Indian conglomerate owned by billionaire Mukesh Ambani has been in the process of selling a 20% stake in the oil business for roughly $15 billion to Aramco and making it a separate unit, while also revamping it in a push towards renewable energy.
The company has remained net-debt free since June last year. Analysts at Jefferies said the deal cancellation has no bearing on Reliance's balance sheet but comes as a disappointment as it loses a chance to set a benchmark of $75 billion valuation for the O2C business.
Reliance had recently inducted Aramco Chairman Yasir Al-Rumayyan into its board amid opposition by California State Teachers' Retirement Fund. Al-Rumayyan's appointment, initially seen as part of a process to formalise the stake sale, was later said to have no connection to the deal.
![](https://portfolio.investmentguruindia.com/uploads/news/insurance 123.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Axis Securities Ltd.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Wipro.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/2b1715f7e03b51b0ac9c014eb224fc1f.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/gdp22.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Geojit Financial Services.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Dollar retures 2.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/health22.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Arvind Kapil, MD and CEO, Poonawalla Fincorp.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/stock8.jpg)