RIL dips 8.5 pc on bourses, touches 52week low

RIL dips 8.5 pc on bourses, touches 52-week low

Shares of India's largest private sector firm Reliance Industries on Friday plunged as much as 8.50 per cent during the day and witnessed an all-time low of Rs 1745.10 on the bourses. On the Bombay Stock Exchange, RIL opened on a weak note today at Rs 1,875 and then lost further ground and touched an intra-day low of Rs 1745.10, a dip of 8.50 per cent over its previous close.

On the National Stock Exchange, the scrip opened at Rs 1959, up by Rs 52.3 from its previous close and the company soon lost its ground and touched a 52-week low of Rs 1,745.65.

Ashika Stock Brokers' Research Head Paras Bothra said "The dip in RIL stock was largely because of the declining trend in crude oil prices which is hovering around USD 94 per barrel. Besides, refining margin is down across the world and because of unwinding of hedge funds." On the volume, front good movement was witnessed as over 1.06 crore shares exchanged hands on NSE and 366.01 lakh shares got traded on BSE.

Reliance Industries, which has a 14.52 per cent weightage in the Sensex, dragged the 30-share index down. The BSE barometer index opened weak fell further to record a loss of 529.35 points at 12,526.32 as funds turned aggressive sellers in heavyweight stocks including market leader Reliance Industries and IT bellwether Infosys Technologies. Other major oil refining firms also had a bad day on the bourses. State-run Oil and Natural Gas Corporation was down 2.23 per cent at Rs 1,019.60, Reliance Petroleum was at Rs 137.40 (down 2.24 per cent) and Indian Oil Corporation was quoted at Rs 400.30 (down 0.58 per cent).

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