Shares of Reliance Industries Limited on Tuesday gained as much as 4.16 percent to an intraday high of Rs 1,057.60 on NSE. The surge came after Bloomberg News reported that Saudi Aramco's CFO (Chief Financial Officer) said that the due diligence over its potential deal with RIL is in progress.
Last year, Mukesh Ambani-led RIL had entered into a memorandum of understanding with Saudi Aramco to sell a minority stake in its oil-to-chemical business at an enterprise valuation of $75 billion. The deal was a part of the oil-to-telecom conglomerate's vision to become a zero net-debt free company.
Following the massive decline in oil prices last week, there was added pressure on shares of RIL amid the existing negative market mood. The company has lost its market cap significantly in the last two weeks and also its title as the most valued company in India, over concerns that the deal would be postponed.