Reliance Industries Ltd (RIL) shares plunged 4.06 per cent to ₹1,155.75 on Monday, hitting a 52-week low as Indian markets crashed to 9-month lows. The broader market sell-off saw the Sensex tumble over 5 per cent and Nifty open with a 1,100-point gap-down amid escalating global trade tensions.
The market rout follows retaliatory actions by China and other nations, after the US imposed reciprocal tariffs on key trading partners, including China and India, on April 2. Metal and IT sectors were the worst performers as all sectoral indices traded in negative territory.
Despite the current turbulence, Morgan Stanley maintained an “Overweight” call on Reliance, with a target price of ₹1,606 per share. The investment bank noted that while an energy demand downcycle could impact cashflows and multiples, RIL has historically navigated downturns better than peers and has evolved to become less cyclical.
Last week, RIL lost ₹95,132.58 crore in market capitalisation, bringing its total valuation to ₹16,30,244.96 crore. However, it retained its position as India’s most valued company ahead of HDFC Bank and TCS, which suffered even steeper losses of ₹1,10,351.67 crore in market value.
Market analysts expect volatility to persist in the near term due to trade tariff uncertainties. Investors are now focused on the upcoming RBI monetary policy meeting on Wednesday, where a 25 basis points rate cut is anticipated.
Published on April 7, 2025
