Reliance Industries Ltd soared the most in more than two years after billionaire Mukesh Ambani revealed a plan to sell a stake to Aramco as part of efforts to pare debt.
The conglomerate aims to be a zero-net-debt company in 18 months, Asia’s richest man told shareholders. Aiding that wou-ld be a proposed sale of 20 percent of Reliance’s oil-to-chemicals business to Saudi Arabian Oil Co at an enterprise value of $75 billion.
The company will also start preparing to list its retail and telecommunications units within five years, Ambani said.
The stock jumped as much as 12 percent in Mumbai on Tuesday before closing with a 9.7 percent gain, the biggest since February 2017, while the gauge S&P BSE Sensex declined.
The trading volume was also the highest in more than two years. Morgan Stanley, Macquarie Group and BOB Capital Markets were among brokerages that upgraded the stock.