Reliance deal collapse takes froth off Indian market

JAIPUR – Shock news that India’s Reliance Industries (RIL) and Saudi Arabia oil giant Aramco had called off their deal roiled the Indian stock market on Monday, with the BSE Sensex tumbling 1.96%. Markets regained some of that lost ground on Tuesday but the BSE Sensex closed only a notch higher, at 0.34% above Monday’s closing price.

Reliance shares closed more than 4% down at around US$31.70 per share on Monday and while opening lower on Tuesday they found support from investors to close 1.1% higher at 2,389.95 rupees, or $32.12 per share.

The dip has taken some of the air out of the Indian market’s recent strong rally, which has drawn both small-scale local punters and global funds to financial, industrial and technology companies on the bourse.

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