Shares of Reliance Industries tumbled by over 5 per cent on Tuesday, January 6, 2025. The stock started the trading session at Rs 1575.55 against the previous close of Rs 1,577.45 on the BSE. The stock dipped further to touch the low of Rs 1497.05, representing a fall of 5.1 per cent from the last closing price. Last seen, the stock was trading at Rs 1,505.45 with a fall of 4.56 per cent, and the market cap of the company stood at Rs 20,36,704.79 crore. At the National Stock Exchange (NSE), the scrip opened at Rs 1,569 against the previous close of Rs 1,578. Later, it touched an intraday high and low of Rs 1,569 and Rs 1,496.30, respectively.
Selling in the blue-chip stock was instrumental in dragging the benchmark indices Sensex and Nifty lower. The 30-share BSE Sensex declined 431.95 points to 85,007.67 during early trade. The 50-share NSE Nifty tanked 105.6 points to 26,144.70.
What's behind the fall in Reliance Industries share price?
The fall in the share price of Reliance Industries comes after the company denied reports that claimed three vessels carrying Russian crude oil were heading to its Jamnagar refinery.
"A news report in Bloomberg claiming 'three vessels laden with Russian Oil are heading for Reliance Industries Limited's Jamnagar refinery' is blatantly untrue. Reliance Industries' Jamnagar refinery has not received any cargo of Russian oil at its refinery in the past three weeks approx. and is not expecting any Russian crude oil deliveries in January," the company said in a statement.
"We are deeply pained that those claiming to be at the forefront of fair journalism chose to ignore the denial by RIL of buying any Russian oil to be delivered in January and published a wrong report tarnishing our image," it added.
Reliance share price history
The company's stock hit its 52-week high of Rs 1,611.20 in the previous trade. Its 52-week low is Rs 1,115.55. According to BSE Analytics, the stock has given a multibagger return of 537.01 per cent in 10 years, but it has corrected 4.54 per cent on a year-to-date basis.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
