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New Delhi: On Tuesday, the shares of Reliance Industries Limited witnessed a huge sell-off. On the BSE, the stock fell about 5 percent to an intraday low of Rs 1,497.05 apiece. This fall is believed to be the biggest intraday decline in the stock of RIL since June 4, 2024. The the stock went down below its 50-day moving average, which led to erosion of Rs 1 lakh crore from the company's market cap in a single session.
Reliance Industries’ decline led to huge pressure on Nifty 50. Due to Reliance, the Nifty recorded a decline of about 82 points. In a statement issued on social media X, the company clearly stated that Jamnagar refinery has not received any Russian oil cargo in the last three weeks and it is not expected to deliver any Russian crude oil in the month of January as well.
Statement by Reliance Industries Limited: A news report in Bloomberg claiming “Three vessels laden with Russian Oil are heading for Reliance Industries Limited's Jamnagar refinery” is blatantly untrue. Reliance Industries's Jamnagar refinery has not received any cargo of... — Reliance Industries Limited (@RIL_Updates) January 5, 2026
Source-X
Bloomberg's report cited Kpler's data saying that three ships carrying Russian crude oil are heading towards Reliance's Jamnagar refinery. However, Reliance denied this claim outright. However, Reliance was one of India's largest companies to buy cheap Russian crude oil after the Russia-Ukraine war, but now the company has stopped such purchases for the time being.
According to a report by Reuters, India's oil imports from Russia may decrease further in January after Reliance stopped buying Russian crude oil. The report states that due to the strict restrictions of the US and the European Union, the supply of oil coming from Russia to India has already decreased. In December, India's oil imports from Russia declined to about 1.2 million barrels per day, which is a three-year low. This figure is about 40 percent lower than the level of about 20 million barrels per day in June.
Stock's current move
On January 6, the stock of Reliance Industries traded in the Red. The stock traded 4.47 percent lower at Rs 1,507.5 at the time of writing this article. However, the stock's movement has been strong in the mid-term and long term. In the last three months, the stock has risen by about 10.57 percent, while in one year it has risen by about 20.49 percent. Interestingly, the stock also made a new 52-week high in the last one week itself.
(Disclaimer: This article is only meant to provide information. TV9 does not recommend buying or selling shares or subscriptions of any IPO, Mutual Funds, gold, silver and crypto assets.)
