The shares of India’s most valuable company Reliance Industries Limited (RIL) closed 3.75 per cent lower, the sharpest decline since May 14, at Rs 2,096 a day ahead of its June quarter earnings. Reliance Industries’ shares fell as much as 4.88 per cent to hit an intraday low of Rs 2,071, before paring some of the losses. The Reliance stock has seen significant movement in the past few months. On March 23, the shares hit a 52-week low of Rs 867.82, as reports of the first coronavirus-induced lockdown spooked the markets.
However, the oil-to-telecom conglomerate staged a revival as Jio Platforms, the company’s telecom arm attracted a spell of investments, including those from global tech giants like Facebook and Google.
As a result, on July 27, the RIL shares hit an all-time high of Rs 2,198.70. The stock has skyrocketed 153.35 per cent from the 52-week low levels in a matter of over four months.
With sharp surge in Reliance Industries stock price, Reliance Industries remains the country’s most valued company and is the first Indian company to cross the market valuation of Rs 14 lakh crore.
The company’s Chairman and Managing Director (CMD) Mukesh Ambani’s personal fortunes also soared during the period as he became the world’s fifth wealthiest person, according to Bloomberg and Forbes.
On Wednesday, the broader market also saw significant losses as the BSE Sensex closed 421.82 points, or 1.10 per cent. Reliance Industries alone was the biggest drag on the Sensex as it alone wiped out 241 points from the Sensex, data on BSE website showed.