In Apr'19, we had downgraded RIL due to concerns about its core refining and petrochem segments. The stock has declined by ~20% since then. While we maintain our thesis that refining and petrochem would continue facing headwinds, the reduction in debt would certainly act as a rerating trigger. In subsequent media interaction the management suggested that oil-tochemicals,' could include refining, petrochemical and auto fuel retailing. This could be carved out into a division where Aramco will have an economic...