Reliance Industries Shares Slide, Drag Nifty Below 20,000 Points

Reliance Industries’ shares tumble over 3% to a two-month low of Rs 2,355, affecting Nifty 50 which dips below 20,000 points. As per market data, at 10.20am, RIL shares are among the worst performers in Nifty 50, trading nearly 2% lower at Rs 2,394.75 and contributing a significant decline to Nifty 50’s total points.

The stock decline is accompanied by substantial trading volume, with two crore shares changing hands, surpassing the one-month daily traded average of 73 lakh shares. A block deal involving 1.9 crore shares (0.3% equity) takes place, amounting to around Rs 4,563 crore, although specific buyers and sellers remain unidentified.

The government’s recent decision to increase windfall tax on domestic crude oil sales to Rs 10,000 per tonne negatively impacts the stock, given the ongoing spike in Brent crude prices to a 10-month high of $95 per barrel. 

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