RIL shares continue to fall; tank over 5 pc
RIL stock tanked 5.34 per cent to close at Rs 917.10 on the BSE. During the day, it dropped 8 per cent to Rs 891 -- its 52-week low.At the NSE, it declined 5.24 per cent to close at Rs 917.70.
A heavy sell-off in the equity market since past few days has pulled down RIL's share price as well as its market valuation sharply.This is the fourth consecutive session of fall for RIL shares which have dropped 17.14 per cent till Thursday and lost about Rs 1,20,311.78 crore from its market valuation during this time.
On Wednesday, Tata Consultancy Services went past Reliance Industries (RIL) to become the most valued Indian firm by market valuation.
TCS continued to maintain lead over RIL in market valuation chart on Thursday also. At close of trade, the market valuation of TCS was at Rs 6,13,927.66 crore.
Last week also, Reliance shares came under massive selling pressure amid the plunge in international oil prices.
In just about four months, RIL market cap has slumped from the highs of Rs 10 lakh crore it hit in November last year. At present, its market valuation is at Rs 5,81,374.22 crore. Equity markets continued to remain on the weak ground, with BSE benchmark index plunging 2,155.05 during the day on Thursday.
It finally managed to trim some of the losses and closed 581.28 points down at 28,288.23. SUM ANUANU