NEW DELHI: Reliance Industries (RIL) and Saudi Aramco’s re-evaluation of the latter’s proposed $15-billion investment in the former’s oil-to-chemicals (O2C) business weighed heavy on investor sentiment, as RIL NSE -1.08 % stock erased nearly $9 billion or Rs 66,000 crore in market value in Monday’s trade.
There has not been much change in the stock’s price targets, though, as analysts say the deleverage balance sheet and expected free cash generation over the next few years will be adequate to fund the Mukesh Ambani-led company’s planned forays in new energy and new commerce businesses.
