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.
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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%.
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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.
