New Delhi, April 6 Shares of Reliance Industries fell for the second consecutive day on Monday, with the company's stock dropping over 3 per cent on the stock exchanges.
The benchmark stock declined by 3.41 per cent, closing at Rs 1,304.75 on the BSE. Throughout the day, it dropped by 4.50 per cent to Rs 1,290.
At the NSE, the stock declined by 3.39 per cent, closing at Rs 1,304.70.
Over two trading days, the stock has lost 4.68 per cent, wiping out approximately Rs 86,743.14 crore from its market valuation. The company's market valuation has fallen below the Rs 18 lakh crore mark to Rs 17,65,649.37 crore.
"Energy-linked stocks, including Reliance Industries, faced pressure as crude oil prices surged above the USD 110 mark amid escalating tensions in the Middle East," said Hariprasad K, Research Analyst and Founder, Livelong Wealth.
The heavyweight stock emerged as the biggest laggard among the Sensex and Nifty firms.
In a volatile session, the 30-share BSE Sensex jumped 787.30 points or 1.07 per cent to close at 74,106.85. The 50-share NSE Nifty edged higher by 255.15 points, or 1.12 per cent, to end at 22,968.25.
So far this year, shares of the firm have tumbled nearly 17 per cent.