Shares of Reliance Industries Ltd (RIL) dropped as much as 7.4% on Monday to a 52-week low of Rs 1,115.55, tracking a global selloff driven by escalating trade tensions and rising recession fears in the U.S.
With Monday's decline, the stock has now fallen 12.7% over six trading sessions, erasing Rs 2.26 lakh crore in market capitalisation. RIL’s current market cap stands at Rs 15.49 lakh crore.
Indian shares fell sharply on Monday as concerns over a trade war and growing recession fears in the U.S. continued to fuel a global stock market rout. Both the benchmark Sensex and Nifty indices plunged nearly 5% at the open, marking their steepest single-day percentage drop since March 2020.
The domestic market mirrored the slide in Asian markets, with the MSCI Asia ex-Japan index down 6.8%, and Japan's Nikkei 225 falling 6.5%.
The selloff followed U.S. President Donald Trump's announcement of sweeping tariffs on Wednesday, which rattled investors and stoked fears of a broader economic fallout. Federal Reserve Chair Jerome Powell said Friday the tariffs were "larger than expected" and could significantly impact inflation and growth, casting a shadow over the U.S. outlook. The Nasdaq confirmed a bear market on Friday, while commodity prices, including oil, tumbled.
Market sentiment was further dented by signs of escalating retaliation from China, sparking concerns over a prolonged global trade war.
RIL shares have now declined 21.6% over the past year, 17.4% over six months, and 5.3% over the past month. The stock is down 10% in the past week alone.
Technically, the stock remains under pressure, trading below all eight key simple moving averages, including the 50-day, 150-day, and 200-day SMAs. The 14-day Relative Strength Index stands at 37.9, inching closer to oversold territory.
Also read | Stock Market Crash: Rs 19 lakh crore wiped out as Sensex starts with whopping 3,000-pt cut, Nifty below 21,800
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
With Monday's decline, the stock has now fallen 12.7% over six trading sessions, erasing Rs 2.26 lakh crore in market capitalisation. RIL’s current market cap stands at Rs 15.49 lakh crore.
Indian shares fell sharply on Monday as concerns over a trade war and growing recession fears in the U.S. continued to fuel a global stock market rout. Both the benchmark Sensex and Nifty indices plunged nearly 5% at the open, marking their steepest single-day percentage drop since March 2020.
The domestic market mirrored the slide in Asian markets, with the MSCI Asia ex-Japan index down 6.8%, and Japan's Nikkei 225 falling 6.5%.
The selloff followed U.S. President Donald Trump's announcement of sweeping tariffs on Wednesday, which rattled investors and stoked fears of a broader economic fallout. Federal Reserve Chair Jerome Powell said Friday the tariffs were "larger than expected" and could significantly impact inflation and growth, casting a shadow over the U.S. outlook. The Nasdaq confirmed a bear market on Friday, while commodity prices, including oil, tumbled.
Market sentiment was further dented by signs of escalating retaliation from China, sparking concerns over a prolonged global trade war.
RIL shares have now declined 21.6% over the past year, 17.4% over six months, and 5.3% over the past month. The stock is down 10% in the past week alone.
Technically, the stock remains under pressure, trading below all eight key simple moving averages, including the 50-day, 150-day, and 200-day SMAs. The 14-day Relative Strength Index stands at 37.9, inching closer to oversold territory.
Also read | Stock Market Crash: Rs 19 lakh crore wiped out as Sensex starts with whopping 3,000-pt cut, Nifty below 21,800
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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