Reliance Industries, one of the largest corporations in the country, is slumping in value at the equity markets as the Indian markets enter a correction period.
Reliance Shares Hit 52-Week Low
The Mukesh Ambani-led conglomerate's flagship Reliance Indudtries saw its shares slump further in the intraday trade on Monday, March 3.
The company shares dipped by a mammoth 3.38 per cent or Rs 40.55. This took the overall value of the company shares to Rs 1,159.55.
In the bargain, the company shares also slumped to their worst in a long time, as the company shares shrunk to its 52-week low of Rs 1,156.00 per share.
This came to pass after the company's share started the day on a positive note, opening at Rs 1,204.00, higher than last week's Rs 1,200.10 per share.
In the past five trading sessions, the Mumbai-based conglomerate's shares have declined by 4.67 per cent or Rs 56.80 per piece. In addition, when we look at the larger picture, Reliance shares have dipped by 6.86 per cent or Rs 85.50 per piece.
Simirlar to the larger market, one of the reasons behind the fall is being attributed to the departure of Foreign Institutional Investors, or FIIs, from the market, which has invariably affected major blue-chip bigwigs like Reliance. | File/ Representative Image
The Departure Of FIIs
However, much like the Indian markets, which started the day on a positive note, only to collapse in no time, the Reliance shares also saw a similar drop.
Simirlar to the larger market, one of the reasons behind the fall is being attributed to the departure of Foreign Institutional Investors, or FIIs, from the market, which has invariably affected major blue-chip bigwigs like Reliance.
This also comes at a time, when the company for the first in 10 years or a decade ended the year (2024) with negative returns.
In addition, in a survey last year, it was revealed that the company generated wealth amounting to Rs 20 lakh crore in five years, which was one of the largest in the country.
