The investment by the world’s largest oil company Saudi Aramco in Reliance Industries (RIL) at higher valuations could reverse investor sentiment in the stock. The RIL scrip was down 16 per cent in the last three months due to Street concerns on rising debt levels, continued investments, and profitability pressures in its core oil-to-chemicals business.
Some of these concerns were addressed by the company’s Chairman and Managing Director Mukesh Ambani at the annual general meeting on Monday. He indicated that the company, which had a net debt of Rs 1.54 trillion at the end of 2018-19, would become a zero net-debt