Investors of the country’s largest company Reliance Industries Limited, which is headed by the country’s richest man Mukesh Ambani, got a big shock on the first day of the week. Reliance shares fell amid the fall in the stock market. It fell by about 4%, which directly impacted investors, who lost about ₹68,000 crore in the company’s shares.
Reliance price fell to ₹1,406
Reliance had announced its third quarter results after market close on Friday, the last trading day of last week. Subsequently, when the stock market opened on Monday, Reliance’s stock fell to ₹1,450.60 from the previous closing price of ₹1,461, and its decline continued rapidly. At the time of writing, RIL shares were trading at ₹1406.30, down about 4.20%.
Investors suffer loss due to falling of RIL shares
This sudden sharp fall in the shares of Reliance has directly affected the wealth of the investors investing in it. In fact, due to the fall of Reliance’s shares, its market cap has also reduced, which has fallen to ₹ 19,04,996 crore. At market close on Friday, the last trading day, Reliance’s market capitalization was recorded at ₹19,72,493.21 crore. As a result, investors’ wealth suddenly declined by about ₹68,000 crore.
Gave strong returns last year, now decline
Its oil-to-chemical, digital and retail divisions play an important role in Reliance’s business. The 52-week high of the Mukesh Ambani-owned company’s shares is ₹1611.80, while its lowest is ₹1114.85. In the last month of last year, Reliance shares were trading at a strong pace. In the last one year, the stock has given returns of about 15%, while in the last three years, it has given returns of about 30%.
Experts are giving buy ratings
Regarding brokerage firms’ reaction to the fall in RIL shares, PL Capital maintained its buy rating and gave a target price of ₹1,683. The brokerage says new energy projects are progressing well, and preparations for the Jio IPO are underway. PL Capital’s Alana Nuwama has also given buy rating and target price of ₹1,808 to Mukesh Ambani’s shares.
These banking shares also crashed
While there has been a panic in the shares of Reliance, the shares of ICICI Bank, one of the largest companies of the country, have also fallen. Shares of ICICI Bank opened at ₹1,399.90 on Monday, while it had closed at ₹1,413 the previous day, and then suddenly fell to ₹1,360. Its market cap also fell to ₹9.80 lakh crore. Apart from this, big stocks like Wipro, Eternal, Titan and TCS also suffered losses. Amid the fall in the stock market, BSE Sensex was trading more than 500 points lower and Nifty more than 150 points lower.