Reliance Stocks Plunge: A 4% Drop Raises Concerns

Shares of Reliance Industries fell over 4%, causing the benchmark indices Sensex and Nifty to decline. The stock's drop, its steepest in eight months, eroded the company's market valuation by over Rs 94,000 crore. Reliance's recent halt on Russian oil imports could impact future performance.

Reliance Industries shares tumbled over 4% on Tuesday, playing a critical role in pulling benchmark equity indices lower. The stock slid 4.42% to Rs 1,507.70 on BSE, and 4.46% to Rs 1,507.60 on NSE, reaching a daytime low of 5% amidst heightened selling pressure.

This decline, representing the stock's steepest intra-day fall in more than eight months, wiped out over Rs 94,000 crore from the company's market valuation. Consequently, benchmark indices Sensex and Nifty slipped by 0.44% and 0.27% respectively.

Reliance Industries, historically a major importer of Russian crude, reported a halt in Russian oil deliveries to its Jamnagar refinery, following European Union sanctions. No new shipments have been received in the past three weeks, with none anticipated for January.

(With inputs from agencies.)