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Reliance Industries stock rises on plan to list financial services business

Yahoo Finance

Reliance Industries shares popped after the conglomerate announced plan to list it financial services unit. Yahoo Finance Live's Rachelle Akuffo breaks down the stock's action.

Video transcript

RACHELLE AKUFFO: Well, I'm watching shares of Mumbai-based retail refining conglomerate, Reliance Industries Limited, shares popping today on news that the company will move forward with its plan to list its financial services business. The company's retail unit will buy back shares trading in the gray market and will give them to employees as stock options. This comes as the conglomerate is also considering listing the holding company of Reliance Retail Limited. The current rally is allowing reliance to catch up with Indian equities, which have surged year to date as foreign investors pile into the emerging markets.