Reliance Industries Shares Plummet: Market Capitalization Takes a Major Hit

Significant Decline in Reliance Industries Shares

Reliance Industries has experienced a substantial drop in its stock value, plummeting nearly 6% over the last two trading days. This sharp decline has wiped out over ₹1 lakh crore from the company's market capitalization, pushing it below the ₹18 lakh crore threshold. The downturn has also impacted major indices like the BSE Sensex and Nifty 50. On Monday, the stock fell more than 4%, trading at ₹1,290.30 per share, marking its lowest point in nearly a year. It has become the largest underperformer among major index stocks, despite the broader market showing only slight weakness during the trading session. By the end of the day, Reliance shares were priced at ₹1,306.00, down ₹44.50 or 3.30% on the NSE.

Market analysts suggest that the stock is currently near crucial technical support levels. Jigar S. Patel, a Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers, noted that the stock is approaching its 200-week moving average and yearly pivot support around ₹1,260. He mentioned that technical indicators such as RSI, MACD, and DMI are currently indicating a bearish trend, suggesting that momentum remains weak in the short term. However, Patel emphasized that ₹1,260 has historically been a strong support level. If the stock can maintain its position above this mark in the coming sessions, it may experience a short-term recovery. A stable close above this level could attract new buying interest, with ₹1,360 identified as the immediate resistance to monitor.

Bearish Trend Strengthens Amid Weak Setup

Sachin Gupta, Vice President of Research at Choice Broking, stated that the technical structure has significantly weakened. The previous upward trend has shifted into a pattern of lower highs and lower lows. Furthermore, the stock is trading well below both its 50-day and 200-day moving averages, reinforcing the ongoing bearish momentum. Gupta attributed part of the decline to the reintroduction of export duties on diesel and ATF. Although the Relative Strength Index (RSI) is approaching oversold levels, suggesting a potential near-term bounce, the overall trend remains under pressure. For any recovery to gain momentum, the stock must surpass the ₹1,350 level. Until then, the ₹1,340 mark, which previously served as support, is expected to act as a significant resistance zone. Gupta also cautioned that continued weakness could drive the stock down to the ₹1,250–₹1,200 range, where a more robust support base might develop.

Policy Impact And Performance Trends

The recent decline in the stock coincides with the government's decision to reintroduce windfall taxes on diesel and ATF exports. This policy change affects Reliance's refining operations, particularly at its Jamnagar facilities, which produce a significant portion of India's air turbine fuel, much of which is exported. In terms of performance, the stock has dropped over 3% in the past week and approximately 8% over the last month. Year-to-date in 2026, it has decreased by nearly 18%. Despite this short-term weakness, the long-term outlook remains relatively stable, with gains of around 11% over three years and 31% over five years.