RIL shares drop 4.6%; market valuation erodes by Rs 87,014 cr

New Delhi: Shares of Reliance Industries faced heavy selling on Friday and tumbled 4.6 per cent, facing an erosion of Rs 87,014 crore from its market valuation, in-tandem with a bearish trend in the stock market.

The bellwether stock tanked 4.55 per cent to settle at Rs 1,348.25 on the BSE. During the day, it dropped 4.78 per cent to Rs 1,345.

At the NSE, the stock tumbled 4.59 per cent to end at Rs 1,348.10.

The sharp decline in the stock wiped out Rs 87,013.8 crore from its market valuation, which stood at Rs 18,24,515.62 crore.

Drop in the heavyweight stock was also instrumental in driving the markets lower.The 30-share “Indian markets witnessed a sharp and uneasy session, with heavyweight energy stocks leading the decline amid a complex mix of policy changes, rising crude prices, and persistent geopolitical uncertainty. Shares of Reliance Industries fell over 4 per cent, reflecting how sensitive large-cap valuations have become to shifts in the global energy landscape,” Hariprasad K, Research Analyst and Founder, Livelong Wealth, said.