Why reliance stocks fall
Why reliance stocks fall Reliance Industries Ltd (NS: RELI ) made some major announcements at its annual general meeting (AGM) on June 24. However, the market has given a muted reaction and the stock is trading at Rs 2,106, down 2.18% today, after falling 2.61% yesterday. Experts say there are three main reasons why markets have not had a positive reaction to the announcements and why RIL stock is down: RIL-Aramco valuation: When RIL had first spoken about the possibility of a deal where it would sell 20% in its O2C (oil to chemical) business to Saudi Aramco (SE: 2222 ), the value of the business was pegged at $75 billion. There are media reports that the deal which is expected to close in 2021 will see Aramco pick up a 15% stake for $20 billion but there was no confirmation from RIL on the numbers. No details on Jio and Retail listing: The AGM didn’t cast any light on the listing dates or plans for Reliance Jio and Reliance Retail. Edelweiss Securities has...