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Fresh overhang for Reliance Industries as govt tries to block Aramco deal

Government's demand for pending dues may delay company's plan to reduce debt

Ujjval Jauhari 

Some nervousness set in for investors of Reliance Industries (RIL), following news that the government may curb the company’s deal to sell 20 per cent stake (worth $15 billion) to Saudi Aramco in its oil-to-chemicals business.

The stock, which has risen more than 46 per cent in a year and scaled new highs on Friday, fell over 3 per cent in intraday trade before ending down 1.78 per cent on Monday. The government’s attempt to block the RIL-Aramco deal is in view of pending dues estimated at $3.5 billion, with respect to Panna-Mukta and Tapti oil and gas fields, something ...

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First Published: Mon, December 23 2019. 19:45 IST
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