RIL shares drop 5%, log steepest drop in 8 months after hitting a high

Shares of RIL saw their steepest fall in over eight months, even after it denied reports that claimed three tankers carrying Russian crude oil were headed to its Jamnagar refinery

Shares of Reliance Industries Ltd. (RIL) saw their steepest fall in over eight months, falling over 5 per cent on Tuesday, amid reports that CLSA dropped the stock from its India model portfolio.

 

The oil-to-telecom conglomerate's stock fell as much as 5.1 per cent during the day to ₹1,496.3 per share, the biggest intraday fall since April 7 last year. The Reliance Industries stock pared losses to trade 4.3 per cent lower at ₹1,508.3 apiece, compared to a 0.26 per cent decline in Nifty 50 as of 11:42 AM. RIL stock hit an all-time high of ₹1,611.8 apiece on Monday.

 

Shares of the company fell for the second straight session and currently trade at 6.5 times the average 30-day trading volume, according to Bloomberg. The counter has risen 26 per cent in the last 12 months, compared to an 11 per cent advance in the benchmark Nifty 50. RIL has a total market capitalisation of ₹20.6 trillion.  READ STOCK MARKET UPDATES TODAY LIVE 

CLSA dropped the stock from its India model portfolio, favouring consumption, rate-sensitive and IT segments, Bloomberg reported, quoting a CLSA report. It dropped RIL stock to include Eternal and DMart in its portfolio. 

RIL denies claims of Russian crude shipments

RIL has denied a news report, which claimed that three tankers carrying Russian crude oil were headed to its Jamnagar refinery in Gujarat. The company described the report as "blatantly untrue" and expressed concern over the publication of an article that it says damaged its reputation.

 

Last week, Bloomberg reported that three vessels laden with Russian crude, totalling about 2.2 million barrels, were en route to Jamnagar, citing data analytics firm Kpler. The report implied that Reliance might have resumed Russian crude imports after scaling back deliveries amid US sanctions.

 

In an official statement posted on X, RIL clarified that its Jamnagar refinery has not received any Russian crude in the past three weeks and is not expecting any deliveries in January 2026. The company highlighted that vessel tracking signals indicate potential destinations but do not confirm purchases or deliveries.  ALSO READ | Emkay Global upgrades Bajaj Auto to 'Buy' on EV momentum, export recovery

RIL to gain from US takeover of Venezuela oil

A US takeover of Venezuela's oil industry could be beneficial for Reliance Industries and ONGC, analysts at Jefferies said in a report. This could mean the lifting of sanctions on Venezuelan crude sales, which would help Reliance buy heavy crude at a discount to Brent, and aid the firm’s gross refining margins, the report added. 

 

Over the weekend, US forces carried out a large military operation in Venezuela, capturing President Nicolas Maduro and his wife and taking them to the US to face various charges, including narco-terrorism and drug trafficking.