Reliance Industries share price saw the worst fall in 12 years in afternoon trade today as crude oil prices crashed 31% following Saudi Arabia starting a price war with Russia. The impact of rising number of coronavirus cases in India and across the world also led to weak sentiment around the large cap stock.
After RIL share price fell today, IT major TCS pipped the Mukesh Ambani-led conglomerate to become the top company in terms of market capitalisation on BSE.
Market cap of RIL fell to Rs 7.05 lakh crore compared to Rs 7.40 lakh crore mcap of TCS today.
Share price of Reliance Industries, which runs the world's biggest refining complex at Jamnagar in Gujarat, fell 13.65% to Rs 1,094.95 , its fresh 52 week low on BSE. The RIL stock recovred some ground and closed 12.35% or 157 points lower at Rs 1113 on BSE. The large cap stock has lost 17.15% in last four days. It has fallen 22.36% in last one month as markets started to take into account the rising number of coronavirus cases across the world.
The oil-to-retail giant which had become the first company to cross Rs 10 lakh crore in market capitalisation, has clocked fall of more than Rs 2.7 lakh crore in its market cap from its record highs touched in December 2019.
On December 20 last year, the stock had hit its 52-week high of Rs 1,617 on BSE. It has lost 522 points or 32% since then.
By Aseem Thapliyal