Reliance Industries Ltd (RIL) share fell over 2 % amid report of likely stake sale in retail business to US private equity firm Silver Lake. Mukesh Ambani-led Reliance Retail is holding talks with Silver Lake to sell a 1.7-1.8 per cent stake in the entity for around Rs 7,500 crore.
Stock of RIL fell 2.22% to Rs 2065.6 against previous close of Rs 2,112 on BSE. The share trades higher than 50 day, 100 day and 200 day moving averages but lower than 5 day and 20 day moving averages.
The large cap stock has gained 74% in one year and risen 38% since the beginning of this year. Total 2.67 lakh shares changed hands amounting to turnover of Rs 55.64 crore on BSE. Market cap of the firm fell to Rs 13.24 lakh crore.
If the deal goes through, Reliance Retail will be valued at over Rs 4.3 lakh crore ($57 billion) and it comes at a time when the company is aiming to sell about 10 per cent in new shares to raise $5.7 billion, the Financial Times reported on Thursday.
Reliance Retail is India's largest retail chain and recently acquired Future Group's retail assets. The deal with Future Group will give RIL control of around one-third of retail stores of the country's otherwise fragmented retail sector.