Reliance Industries market cap drops by ₹95,407 crore in a single day, biggest stock fall since June 2024

Mumbai (The Uttam Hindu): Shares of Reliance Industries, one of India’s largest companies, witnessed a sharp fall on Tuesday. The stock closed at ₹1,508.90, down by 4.39 percent. Due to this steep decline, the company’s market capitalisation fell by around ₹95,407 crore. This marked Reliance’s biggest single-day stock fall since June 2024.

The fall is being linked to a news report claiming that three tankers carrying Russian crude oil were heading towards Reliance’s Jamnagar refinery on India’s western coast. However, Reliance Industries denied these reports. Later updates suggested that the Russian oil tankers linked to Reliance were unloaded elsewhere.

Market experts believe that the sharp decline may also be due to profit booking, as Reliance Industries had hit a fresh all-time high just a day earlier on Monday. The broader Indian equity market also ended the session in the red, adding to the pressure on heavyweight stocks.

By the close of trading, the BSE Sensex fell 376.28 points or 0.44 percent to end at 85,063.34, while the NSE Nifty declined 71.60 points or 0.27 percent to settle at 26,178.70. The fall in Reliance shares dragged the Nifty Oil and Gas index lower, which declined by 1.75 percent.

Other sectoral indices also closed in negative territory. Nifty Infra fell 1.18 percent, Nifty Media dropped 1.05 percent, Nifty Energy slipped 0.56 percent, Nifty Commodities declined 0.38 percent, while Nifty PSE and Nifty Realty both ended 0.33 percent lower.

On the positive side, defensive and selective sectors showed strength. Nifty Healthcare gained 1.85 percent, Nifty Pharma rose 1.69 percent, Nifty PSU Bank added 0.59 percent, Nifty IT advanced 0.55 percent, Nifty Metal moved up 0.29 percent, and Nifty FMCG ended 0.23 percent higher.