Overview
- Shares closed down about 4.4% at Rs 1,507.70, marking the steepest single-day fall since June 2024 after touching an all-time high in the previous session.
- Roughly Rs 0.94–1 lakh crore in market value was erased, and the stock was the biggest drag on benchmarks, pulling the Nifty 50 lower by about 80 points.
- Reliance said a Bloomberg report citing Kpler data about three vessels carrying roughly 2.2 million barrels of Russian crude signaling Jamnagar was “blatantly untrue.”
- The company stated on X that Jamnagar had not received Russian crude in about three weeks and did not expect any deliveries in January, even as trading volumes spiked on heavy selling.
- Profit-taking, tariff-related comments by President Donald Trump, and CLSA removing the stock from an India model portfolio weighed on near-term sentiment, though broker research highlights longer-term drivers such as potential Venezuelan crude access and the planned Jio IPO.