Shares of Reliance Industries fell 4.2% in early trade on Monday as India’s largest company stopped selling shares of its oil-to-chemical unit O2C to Saudi Aramco and withdrew from a possible share sale on its highly profitable unit.

On Friday, Reliance announced its decision with Saudi Aramco Reassessment of Saudi Company’s proposed investment in Reliance Business In the field of chemical conversion of oil.

Reliance has announced it will sell a 20% stake in Oil-to-Chemicals operations to Aramco for $ 15 billion in 2019, but the deal was halted due to lower demand due to crude oil prices and the Corona epidemic.

Over the past two years, the Indian company owned by billionaire Mukesh Ambani has sold 20% of its oil business to Aramco for about $ 15 billion, transforming it into a separate entity. Renewable energy.

“Given the dynamic nature of Reliance’s portfolio of operations, Reliance and Saudi Aramco jointly consider mutually beneficial reconsideration of the proposed investment in oil-to-chemical operations,” Reliance said.

The company has been without net debt since June last year. Jefferies’ analysts said the cancellation of the deal did not affect Reliance’s balance sheet, but disappointed it missed out on a $ 75 billion O2C rating.

Reliance recently appointed Aramco chairman Yasser al-Rumayan on its board of directors. Al-Rumayan’s appointment, which was initially seen as part of a move to sell shares, was later said to be unrelated to the deal.