RIL investors lose Rs 1 lakh crore, stock among top Sensex losers; here's why 

Shares of Reliance Industries Ltd (RIL) fell over 4% on Tuesday after the conglomerate rejected reports alleging that three vessels carrying Russian crude oil were on their way to the company’s Jamnagar refinery. RIL stated that it has not received any such cargoes in recent weeks and does not expect Russian crude oil deliveries in January.

RIL shares closed 4.42% lower at Rs 1507.70 on Tuesday. Investors lost Rs 0.94 lakh crore in today's session with the market cap falling to Rs 20.40 lakh crore against Rs 21.34 lakh crore in the previous session. The stock was among the top Sensex losers today losing most after Trent.  

Commenting on the correction in the current session, Jigar S Patel from Anand Rathi said, "Support will be at Rs 1,500 and resistance at Rs 1,555. A decisive move above the Rs 1555 level may trigger a further upside of Rs 1600. The expected trading range will be between Rs 1500 and Rs 1600 in the short-term."

RIL's denial comes after a Bloomberg report suggested that the refinery was set to receive shipments of Urals crude from Russia this month.

On social media platform X, formerly known as Twitter, Reliance Industries described the claims as "blatantly untrue". The company further emphasised that its Jamnagar refinery has neither received any Russian oil cargo for around three weeks nor is expecting one in January.

A Reliance spokesperson reiterated to Bloomberg that the refinery is not anticipating Russian crude deliveries this month and has not purchased any for January.