New Delhi, March 27 Reliance Industries' shares experienced heavy selling on Friday, falling by 4.6 per cent, resulting in an erosion of Rs 87,014 crore in its market valuation, in line with the bearish trend in the stock market.
The benchmark stock plummeted 4.55 per cent to close at Rs 1,348.25 on the BSE. During the day, it dropped 4.78 per cent to Rs 1,345.
At the NSE, the stock fell 4.59 per cent to end at Rs 1,348.10.
The sharp decline in the stock erased Rs 87,013.8 crore from its market valuation, which stood at Rs 18,24,515.62 crore.
The drop in the heavyweight stock also contributed to the overall market decline.
The 30-share BSE Sensex plunged 1,690.23 points, or 2.25 per cent, to close at 73,583.22. The 50-share NSE Nifty dropped 486.85 points, or 2.09 per cent, to end at 22,819.60.
"Indian markets witnessed a volatile session, with heavy energy stocks leading the decline amid a complex mix of policy changes, rising crude prices, and persistent geopolitical uncertainty. Reliance Industries' shares fell by over 4 per cent, highlighting how sensitive large-cap valuations have become to shifts in the global energy landscape," said Hariprasad K, Research Analyst and Founder, Livelong Wealth.
The war in the Middle East has pushed international oil prices up by 50 per cent to over USD 100 per barrel this month.
Meanwhile, the government imposed an export duty of Rs 21.50 per litre on diesel and Rs 29.50 per litre on aviation turbine fuel (ATF), reinstating a levy first introduced in July 2022 to curb windfall gains by refiners following Russia's invasion of Ukraine. The duty was later withdrawn in December 2024.