Reliance Industries Shares Lead to Major Sensex Decline

Shares of Reliance Industries fell over 3% on Monday, significantly contributing to a sharp decline in the benchmark Sensex. The stock dropped 3.46% to close at Rs 2,894.70 on BSE. The Sensex plummeted by 2.74%, while Nifty fell by 2.68%, causing Reliance's market value to erode by Rs 70,195.32 crore.

Shares of the country's most valued firm, Reliance Industries, declined over 3 percent on Monday, significantly contributing to the benchmark Sensex plunge.

Following an extremely weak trend in equities, the bellwether stock dropped 3.46 percent to settle at Rs 2,894.70 on the BSE. During the day, it slumped 4.42 percent to Rs 2,865.80. At the NSE, it declined similarly by 3.46 percent to Rs 2,894.65.

The 30-share BSE benchmark tanked by 2,222.55 points or 2.74 percent to settle at 78,759.40. During the trading session, it had slumped even lower by 2,686.09 points or 3.31 percent to 78,295.86.

The NSE Nifty plummeted by 662.10 points or 2.68 percent to close at a month's low of 24,055.60. During the day, it tumbled further by 824 points or 3.33 percent to 23,893.70. This sharp decline was predominantly driven by Reliance Industries, contributing 307.18 points to the Sensex crash.

As a result, the company's market valuation eroded by Rs 70,195.32 crore, bringing its total market value down to Rs 19,58,500.25 crore.