Reliance’s scrip touched a low of Rs 2309 on the National Stock Exchange as against Rs 2363.75 at previous close.
Reliance took the decision after missing two self-imposed deadlines to conclude the transaction, for which the asking price from the Saudi state-owned giant was $15 billion.
The changing nature of the business portfolio has prompted Reliance and Saudi Aramco to mutually determine that it would benefit both parties to undertake a re-evaluation of the planned investment in the O2C (oil-to-chemical) business, the Indian conglomerate announced late Friday.
With the development leading to an over 4-per cent fall in Reliance’s share price on Monday, the stock erased nearly $9 billion or Rs 66,000 crore in market value in the previous day’s trade. In the two sessions, the scrip has fallen over 6 per cent.
The 20 per cent sale of stake in the unit was announced in 2019 but was put on the backburner because of the outbreak of the COVID-19 pandemic and the subsequent crash in global oil prices due to low demand.
Accordingly, the on-going application in the National Company Law Tribunal for segregating the O2C business from Reliance is being withdrawn, reports said.
Reliance shall carry on being Saudi Aramcos preferred partner for investments in India’s private sector and will collaborate with the company and the Saudi Arabian Basic Industry Corporation for investment in the West Asian country, the Indian company said.
Meanwhile, in other news, Reliance Jio lost over 19 million wireless subscribers in September, dragging its gross user base down to 424.83 million, reflecting the massive clean-up of low-paying customers recently undertaken by the Mukesh Ambani-led telco in the fiscal second quarter.
At the same time, rival Airtel added 0.27 million wireless customers.
