Reliance Group companies witnessed a sharp decline on Monday, wiping out ₹40,511.91 crore from their market capitalization. The group’s total market value dropped to ₹17.46 lakh crore as all stocks in the group registered losses amid broader market weakness.
Reliance Industries Limited (RIL), the flagship company of the group, was among the biggest losers in the Nifty 50 index. The company’s market capitalization fell by ₹35,319.49 crore, settling at ₹15.89 lakh crore.
Reliance shares continued their downward trend, marking the second consecutive day of decline. This followed an earlier three-day losing streak, excluding Thursday’s session. RIL shares closed at ₹1,174, down ₹26.10 or 2.17%.
The company also contributed significantly to the drop in the Nifty index, given its position as the second-largest weighted stock in the benchmark.
Sterling & Wilson Renewable Energy led the group’s decline, falling by ₹15.65 or 6.13%, closing at ₹239.80. Just Dial followed closely, dropping ₹54 or 6.43%, ending the session at ₹786.25.
Other notable losses included:
Jio Financial Services: Down ₹6.31 or 3.04%, closing at ₹201.30.
Balaji Telefilms: Fell ₹2.67 or 5%, closing at ₹50.74.
Alok Industries: Declined ₹0.51 or 3.32%, closing at ₹14.85.
The sharp decline in Reliance stocks was part of a broader weakness in the market. Domestic equity indices ended almost flat after a choppy trading session. The indices opened in positive territory but quickly lost momentum amid mixed global cues.
Analysts believe the selling pressure on Reliance stocks resulted from profit-booking and cautious investor sentiment. They expect market conditions to remain volatile, with Reliance’s performance likely to impact broader indices in the coming sessions.
Also Read: Indian Markets End Flat After Volatile Session; Mixed Global Trends Weigh
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