A day after falling nearly 1%, Reliance’s share price crashed almost 4% in morning trade on the BSE on Tuesday, January 6. Reliance Industries (RIL) share price opened at ₹1,575.55 against its previous close of ₹1,577.45 and fell as much as 3.75% to an intraday low of ₹1,518.30.
Shares of India’s biggest company in terms of market capitalisation have been under pressure after the US attacked Venezuela on Saturday, a major oil-producing company worldwide, and captured its President, Nicolas Maduro, and his wife. Venezuela reportedly holds the largest known oil reserves, according to media reports.
There are concerns that if the US-Venezuela conflict escalates further and causes volatility in crude oil prices, it may strain the margins of oil refiners.
Meanwhile, Reliance on Tuesday refuted reports that three vessels laden with Russian oil are on their way to its Jamnagar refinery.
The company in a post on social media platform X called the report “blatantly untrue”. It added that the refinery has not received any Russian oil cargo in the past three weeks, nor is it expecting any Russian crude oil deliveries in January.
(This is a developing story. Please check back for fresh updates.)
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