Although Ambani laid out a vision for a technology future for Reliance Industries at the shareholders meeting, shares of the conglomerate slumped. The tycoon confirmed that a planned sale of stake in Reliance’s oil-and-chemicals division to Saudi Arabian Oil Co. for an estimated $15 billionThe stock fell 3.8% Wednesday, the biggest loss since May 14, paring gains from a rally spurred by the frenzied fundraising by Jio.
“I believe that the time has come for a truly global digital product and services company to emerge from India, and to be counted among the best in the world,” he said.
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