Reliance Industries shares surge most in a month after US allows Indian refiners to buy Russian oil

Shares of billionaire Mukesh Ambani-backed Reliance Industries posted their biggest single-day move in a month on the National Stock Exchange (NSE) on Friday, March 6.

The stock rose as much as 2.51%, its biggest single day gain since February 2, 2026, to hit an intraday high of ₹1,424.30. On the BSE, Reliance Industries shares advanced as much as 2.47%.

Reliance Industries shares came under buying interest after United States allowed Indian refiners to purchase certain Russian oil cargoes for the next 30 days in a temporary waiver, US Treasury Secretary Scott Bessent said on Thursday amid disruptions in global energy markets.

The Treasury Department said the short-term authorisation would allow the delivery of Russian crude and petroleum products that were already loaded on vessels as of early March 5 and are currently stranded at sea, provided they are delivered to ports in India by early April.

In a post on social media platform X, Bessent said the waiver was intended to keep oil flowing into global markets and ease pressure “caused by Iran’s attempt to take global energy hostage.”

“President Trump’s energy agenda has resulted in oil and gas production reaching the highest levels ever recorded,” Bessent said. “To enable oil to keep flowing into the global market, the Treasury Department is issuing a temporary 30-day waiver to allow Indian refiners to purchase Russian oil.”

He said the measure was deliberately limited in scope and duration and would not significantly benefit the Russian government financially because it applies only to cargoes that had already been loaded before the authorisation took effect.

A Reuters report, citing an industry source, suggested that Russia was prepared to redirect crude shipments to India amid disruption in oil supplies from the closure of the key supply route of the Strait of Hormuz.

“President Trump’s energy agenda has resulted in oil and gas production reaching the highest levels ever recorded,” Bessent said. “To enable oil to keep flowing into the global market, the Treasury Department is issuing a temporary 30-day waiver to allow Indian refiners to purchase Russian oil.”

Reliance Industries shares ended 1.11% higher at ₹1,404.8, outperforming the NIFTY50 index which closed 1.3% lower.