Aramco deal collapse hits RIL shares, market cap loss at Rs 72,000 cr

Analysts said market was factoring in a full $75 bn valuation for O2C segment. Irrespective of the refining and petrochem cycle, the key catalyst for the market was Aramco deal closure

Shares of Reliance Industries fell by 4.42 per cent on Monday after the company announced during the weekend that its plans to sell stake in its oil to chemicals business to Saudi Aramco has collapsed.

The company lost Rs 72,000 crore of investors’ wealth on Monday as its shares closed at Rs 2,363 a share and total market capitalisation fell to Rs 14.99 trillion.

Reliance Industries and Saudi Aramco had signed a non-binding letter of intent in August 2019 for a potential 20 per cent stake acquisition by Saudi Aramco in the O2C business at a valuation of $75 billion.