Shares of Reliance Industries dipped by over 1% in morning trade on the bourses today after the company denied that it is in talks to acquire US-based oil refiner Valero Energy.
The company in a statement late last night said it is not in talks with Valero.
"While it is, and will remain, the policy of Reliance not to comment on market rumors, in light of the materiality of the rumored transaction, Reliance wishes to dispel the rumours and announce that it is not in discussions with Valero, nor otherwise considering an acquisition of Valero," the statement said.
Reacting to the development, shares of RIL opened on a sluggish note today amid a weak market and subsequently dipped by 1.05% to an early low of Rs 868.50 on the BSE.
On the National Stock Exchange the company opened at Rs 870.50, then dipped by 0.94% to a low of Rs 869.30.
The decline in shares of the most-weighted firm on the BSE, Reliance Industries, was in tandem with the broader market, with the 30-share Sensex trading at 17,589.15 points, down 115.86 points, and the wide-based Nifty at 5,292.55 points, down 34.05 points, at 1050 hours.
On October 24, the UK's Daily Mail had reported that Reliance was poised to launch a $48-a-share cash bid for Valero.
