RIL surges over 9% on report Facebook eyeing stake in Reliance Jio

The report said the outspread of coronavirus could alter the schedule of signing the deal

Shares of Reliance Industries (RIL) surged over 9 per cent to Rs 1,035 on the BSE on Wednesday on report that US tech giant Facebook is looking to buy a multiillion-dollar stake in Reliance Jio. India's fastest-growing network, Jio, has over 370 million subscribers.

According to a report by Financial Times, Facebook is keen on picking up a 10 per cent stake in the Indian telecommunication behemoth, however, the outspread of coronavirus could alter the schedule of signing the deal.  

Jio is the only company that can possibly take on US tech giants. RIL poured in huge sums of money to expand Reliance