Hearing rumors circulating that Amazon.com is in talks with Reliance Industries Ltd for buying up to a 26% stake in India’s biggest brick-and-mortar retailer. The rumors appear to be coming from this Reuters report.

China’s Alibaba Group was looking at buying a stake in Reliance Industries but the deal reportedly fell through because of the price Reliance Industries felt the stake was worth. Amazon and Jeff Bezos is a master at seemingly buying something for what seems like too much money, but then totally turning it around into a good source of profit for the company.

“As a policy, we do not comment on media speculation and rumors. Our company evaluates various opportunities on an ongoing basis,” Reliance Industries said in a statement.

Amazon declined to comment.

Amazon is currently in a battle with Walmart for Indian market share so the rumor is probably true IMO.

Reuters reported on Monday that Amazon was planning to enter the online food delivery business in India this year.

Who knows how this will shake out but it’s clear that India has become a battleground for Amazon.

The Supertrend indicator recently gave a sell signal.

A large dark pool order occurred today:

It’s great to see the current pullback in Amazon stock. Please add AMZN to your watch list as we stalk for a possible entry.

Disclosure: I do not hold any position in AMZN stock.