Reliance Industries shares fall 5%! Over Rs 1 lakh cr eroded from M-cap

Reliance Industries Limited (RIL) banal tumbled 5% connected Tuesday, falling to an intraday debased of Rs 1,497.05 connected the Bombay Stock Exchange. The stock terms plunged aft RIL denied a Bloomberg study claiming that its Jamnagar refinery volition beryllium receiving 3 ships of Russian crude oil.Today's league recorded the stock’s steepest intraday diminution since June 4, 2024. RIL shares slipped beneath their 50-day moving average, wiping retired much than Rs 1 lakh crore from the company’s marketplace capitalisation. Reliance besides emerged arsenic the azygous biggest resistance connected the Nifty 50, pulling the benchmark scale down by astir 82 points.Responding to the Bloomberg report, Reliance clarified that its Jamnagar refinery has not received immoderate Russian crude cargo implicit the past 3 weeks and is not expecting immoderate specified deliveries successful January.Taking to X, the institution wrote, "A quality study successful Bloomberg claiming “three vessels laden with Russian Oil are heading for Reliance Industries Limited’s Jamnagar refinery” is blatantly untrue. Reliance Industries’s Jamnagar refinery has not received immoderate cargo of Russian lipid astatine its refinery successful the past 3 weeks approx. and is not expecting immoderate Russian crude lipid deliveries successful January."The institution further added, "We are profoundly pained that those claiming to beryllium astatine the forefront of just journalism chose to disregard the denial by RIL of buying immoderate Russian lipid to beryllium delivered successful January and published a incorrect study tarnishing our image."

The Bloomberg report, which cited information from Kpler, alleged that 3 vessels loaded with Russian crude were en way to the Jamnagar refinery. Reliance, which had earlier emerged arsenic India’s largest purchaser of discounted Russian lipid pursuing the Russia-Ukraine war, has paused the purchasing, ET reported.However, contempt the company's clarification, its shares continued to commercialized successful reddish with dense volumes reflecting capitalist absorption to the quality and broader weakness successful the market.India’s lipid imports from Russia, according to a Reuters report, are expected to autumn further successful January aft Reliance’s determination to halt intake of Russian crude. Moscow's lipid inflows to the state person already slowed amid tighter US and European Union sanctions, with imports dropping to a three-year debased of astir 1.2 cardinal barrels per time successful December, down astir 40% from the highest of astir 2 cardinal barrels per time successful June.