Day Ahead Of June Quarter Results, Reliance Shares Witness Highest Percentage Fall In Over Two Months

The shares of India’s most valuable company Reliance Industries Limited (RIL) closed 3.75 per cent in the red – the sharpest decline since May 14, when the stock closed with a loss of 4.07 per cent . In intra-day trading, Reliance’s shares went down by as much as 4.88 per cent to hit the day-low of Rs 2,071, before paring some of the losses. Incidentally, the sharp slip in Reliance’s shares come just a day ahead of its June quarter earnings, slated on Thursday. 

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. The lockdown was eventually announced two days later on March 25. 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, a 153.35 per cent jump from the 52-week low levels. In fact, the Reliance stock surged to unprecedented heights in the last few weeks, with the company becoming the first Indian one 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.

On Wednesday, the broader market also saw significant losses as the BSE Sensex closed 421.82 points, or 1.10 per cent in the red, at 38,071.13.