Reliance Industries shares slump nearly 4%, market cap drops by ₹68,000 crore; key things to know

Shares of billionaire Mukesh Ambani-backed Reliance Industries fell as much as 3.72%, its biggest single-day fall since January 6, to hit an intraday low of ₹1,300 on the National Stock Exchange (NSE) on Monday, April 6. On the BSE, Reliance Industries shares dropped as much as 4.13% to hit an intraday low of ₹1,295.

With today's fall in Reliance Industries shares, the market capitalisation of the company at the day's lowest level, dropped by ₹67,662 crore to ₹17.59 lakh crore, data from the NSE showed.

Reliance Industries, the owner of world's largest crude oil refining facility, saw its shares falling on exchanges after price of crude oil in the international markets spiked above psychologically important level of $110 per barrel on Monday amid escalating tensions in the Middle East.

Brent Crude futures, for delivery in June, rose by as much as 2.43% to hit an intraday low of $111.68 per barrel as no signs of de-escalation were visible between the ongoing war between Iran and United States.

In a tough message to Iran, US President Donald Trump, in a Truth Social post, said that Iran will be "living in a hell" if the Strait of Hormuz is not opened. He said the deadline is "Tuesday, 8:00 P.M. Eastern Time".

"Tuesday will be Power Plant Day, and Bridge Day, all wrapped up in one, in Iran. There will be nothing like it!" he said.

Iran blocking the Strait of Hormuz has led to a rise in crude oil prices. Asian countries are most affected.

The United States imports only a small portion of its oil from the Persian Gulf, but oil is a commodity, and its rates are set in a global market.

Blocking the Hormuz Strait has already cost the global economy hundreds of millions of barrels of oil, with the effects felt on a rolling basis corresponding to travel time from the Persian Gulf, The Washington Post reported, quoting from a recent client note from JPMorgan’s commodities specialists.

Asia was first to feel the loss of Gulf oil shipments, where governments have ordered rationing and conservation measures. Europe is likely to suffer physical shortages by mid-April as the last vessels loaded with oil before the war arrive at continental ports.

Meanwhile, Reliance Industries was top loser in the NIFTY50 and SENSEX benchmark indices. The stock alone wiped out 279 points from the SENSEX, data from BSE showed.

As of 11:44 am, Reliance Industries shares traded 3.72% lower at ₹1,302, underperforming the NIFTY50 index which was down 0.4%.