RIL shares plunge 4%, mcap erodes by Rs 94k cr

New Delhi: Shares of Reliance Industries ended over 4 per cent lower on Tuesday, weighing heavily on benchmark equity indices, after the conglomerate dismissed media reports claiming that three vessels carrying Russian crude oil were headed to its Jamnagar refinery.

The blue-chip stock edged lower by 4.42 per cent to end at Rs 1,507.70 on the BSE.

During the day, it dropped 5 per cent to Rs 1,497.05. At the NSE, the stock declined by 4.46 per cent to settle at Rs 1,507.60. During the day, it tanked 5.18 per cent to Rs 1,496.30.

The company’s market valuation eroded by Rs 94,388.99 crore to Rs 20,40,290.90 crore in a single day.

“Stock-specific pressure added to the weakness, as Reliance Industries fell over 4 per cent, its steepest intra-day decline in more than eight months,” Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd, said. Selling in the blue-chip stock dragged the benchmark indices Sensex and Nifty lower.

The 30-share BSE Sensex dropped 376.28 points or 0.44 per cent to settle at 85,063.34. The 50-share NSE Nifty declined 71.60 points or 0.27 per cent to end at 26,178.70. The company’s stock hit its record high of Rs 1,611.20 in the previous trade. Last year, the stock jumped over 29 per cent. Reliance Industries Ltd, the operator of the world’s largest single site oil refining complex and till recently India’s biggest buyer of Russian oil, on Tuesday said it has not received any Russian barrels in almost three weeks and none are expected in January.