Shares of India’s most valuable company by market capitalisation (m-cap), Reliance Industries (RIL), have been caught in a freefall as they declined for the ninth day in a row on Monday, 8 June, amid broader weakness in the Indian stock market and relentless selling pressure from the foreign institutional investors (FIIs) due to the rising crude oil prices following the Middle East conflict.
Reliance Industries share price declined over 1.5% to its 52-week low of ₹1270.60 apiece in intraday deals today. During the nine-day losing run, the Mukesh Ambani-led company’s shares have shed 7%, eroding investor wealth by ₹129,000 crore as Reliance Industries’ market cap fell to ₹17.10 lakh crore today, down from ₹18.49 lakh crore before the decline.
So far this year, RIL’s share price has lost 19%, underperforming the BSE barometer, the Sensex.
The price action in Reliance shares shows persistent supply rather than one-day panic, and that matters because the stock carries weight across index sentiment, passive flows and broader market confidence, said Harshal Dasani, Business Head at INVasset PMS.
He added that a stock of this size does not keep declining unless institutional money is reducing exposure or refusing to add at current levels.
What’s ailing Reliance shares?
The fall in Reliance shares comes ahead of the company’s annual general meeting (AGM), slated to occur on 19 June 2026.
According to experts, the concern around the stock stems from oil price volatility and margin spreads due to the sharp increase in global crude oil prices since the onset of the US-Iran war. When oil prices rise sharply, it can raise input costs, weaken demand and as a result, petrochemical spreads may narrow.
Core earnings at Reliance’s refining business, a key profit driver that contributes nearly a third of the group EBITDA, fell 3.7% in the fourth quarter of FY26 from a year earlier. The company, meanwhile, missed quarterly profit expectations, hurt by higher input costs and supply disruptions linked to the Iran war.
“O2C has to deal with crude volatility and refining-spread uncertainty, retail growth has lost some of its earlier premium narrative, and new energy or AI-linked investments are still future value pools rather than current earnings drivers,” Dasani said.
Commenting on the outlook for the shares, Dasani said that technically, the stock needs to stop making lower lows before any recovery can be trusted. “A bounce from oversold levels is possible, but that alone will not repair the structure. The market now needs earnings clarity, capex discipline and visible monetisation from the next growth engines. Until then, Reliance remains a high-quality franchise, but the price action warrants caution,” he said.
Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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