Overview
- Reliance shares closed 4.42% lower at Rs 1,507.70 after an intraday drop to Rs 1,497.05, a day after touching a record Rs 1,611.20.
- Reliance called a Bloomberg report citing Kpler data 'blatantly untrue' and said Jamnagar has received no Russian crude for about three weeks and expects none in January.
- The slide wiped roughly Rs 0.94–1 lakh crore off market value and pulled benchmark indices lower, with the stock the biggest single drag on the Nifty 50.
- Selling was amplified by profit-taking, fresh worries about retail competition following Trent’s update and a Citi view, and CLSA removing the stock from its India model portfolio.
- Analysts highlighted medium-term supports such as possible refining margin gains if Venezuelan supply returns and the planned Jio Platforms IPO in H1 2026; by Wednesday morning the shares were slightly higher.