Reliance Industries (RIL) tumbled 5.8% to Rs 1172.20, snapping its three day winning streak.
Shares of RIL surged 8.2% in last three trading sessions from its previous closing low of Rs 1150.05 posted on 15 April 2020.
Profit selling emerged after the futures contract for US crude prices crashed and turned negative for the first time in history on Monday, amid a demand collapse due to the coronavirus pandemic. On 20 April, West Texas Intermediate (WTI) settled at -$37.63 a barrel, after going as low as -$40.32. This negative price has never happened before for an oil futures contract.
In the commodities market, Brent crude for June 2020 settlement was down $2.59 to $22.98 a barrel. The contract tanked 8.94% to settle at $25.57 a barrel during the previous trading session.
RIL is India's largest private sector company. RIL's activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services.
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