The stock opened at Rs 407 which was also the days high before finally settling lower at Rs 394.05 on BSE.
On The National Stock Ex-change (NSE) RIL lost ground by 3.61 per cent to end the day at Rs 395.35, as compared with its previous close of Rs 410.15.
The stock touched a low of Rs 392 on both BSE and NSE. A total of 39,95,012 shares changed hands on BSE, while on NSE it clocked trading volumes of 87,25,249 shares.
Dealers said that the mood was subdued in the markets on account of the HPCL and BPCL divestment being referred for Parliamentary approval and selling by institutions pulled the stock down.
Said a dealer with a domestic brokerage house, Although the correction is likely to continue for sometime, RIL should lead the rally when the sentiment improves.