RIL stock price today
:
Reliance Industries
Ltd (RIL) experienced a significant loss of Rs 1.67 lakh crore in market value as its shares plummeted by 9.6% on the Bombay Stock Exchange (
BSE
) today. This decline was triggered by poll counting estimates suggesting that the Prime Minister Narendra Modi-led NDA alliance might not perform as well as predicted by exit polls in the 2024 Lok Sabha elections.
RIL’s shares had previously reached an all-time high of Rs 3,029 on June 3, with the company’s total market capitalization hitting Rs 20.44 lakh crore.
However, it has now decreased to Rs 18.50 lakh crore, according to an ET report.
As investors adopted a risk-averse approach during
Lok Sabha election results
counting, the Sensex traded over 6,000 points lower on Tuesday, while the Nifty was down by nearly 2,000 points. This decline was primarily driven by heavyweights Reliance Industries and financial stocks. Reliance Industries, HDFC Bank, and ICICI Bank alone accounted for a 2012-point drop in the Sensex, while L&T, SBI, Axis Bank, NTPC, and Power Grid were among the other stocks contributing to the index’s downward movement.
Also Check | Stock Market crash live updates
Gautam Adani’s flagship company, Adani Enterprises, led the group’s decline with an 8% dip, as shares of all 10 Adani Group companies fell on Tuesday amid the counting of votes for the Lok Sabha elections. Adani Total Gas, Ambuja Cements, and NDTV also experienced a decline of around 8% each. Adani Ports, a Nifty stock, was trading 18% lower as early trends indicated that the ruling NDA was hovering near the majority mark, while the Congress-led INDIA alliance had crossed the 200-mark.
The BSE PSU Index fell by 18% today, and the Nifty Midcap 100 index had fallen by over 7%. Although the FMCG and Healthcare indices initially began the day in the green, defying the broader markets, they had fallen by 2% and 3.5%, respectively.
