Mukesh Ambani-led Reliance Industries shares marked its steepest fall in 2018 amid rising trade volumes. The shares of the oil-to-telecom led conglomerate dropped the most in over two years, down 7.18% to a low of Rs 1,118.55 on the NSE. RIL share price tanked 7% to a low of Rs 1,120 on the Sensex. Reliance Industries was among the top losers on both the BSE Sensex and the NSE Nifty 50 indices on Thursday.
Reliance Industries shares are down for the third consecutive session on Thursday, falling nearly 10% in October from its closing price at Rs 1,258.20 on September 28. RIL share price continued to fall on Thursday after the Mukesh Ambani-led company on Wednesday clarified on the ongoing rumours around the company acquiring digital cable TV and broadband services provider Hathway Cable.
Around 1.08 pm, Reliance Industries’ m-cap stood at Rs 7,18,145.29 crore. There was a spurt in volume of Reliance shares by more than 2.67 times, data from the BSE showed. Almost 1.64 crore shares of Reliance Industries were traded on the NSE till the time of reporting.
Earlier, on Wednesday, Mukesh Ambani’s Reliance Industries had clarified on the ongoing rumours around the company acquiring Hathway Cable, saying that it was “unable to comment on media speculation and rumors”. Responding to a stock exchange’s query, RIL said it will continue to make disclosures in compliance with the company’s agreements with the stock exchanges. Reliance shares had closed over 2% lower at Rs 1,205.30 per share on Wednesday.
Meanwhile, the domestic equity market indices — Sensex and Nifty — extended their losses amid numerous macro concerns like a weak rupee, capital outflows, rising crude oil prices and weak global cues. The BSE Sensex plunged over 850 points to a low of 35,116.82 points intra-day. The Nifty breached the 10,600-level and hit a low of 10,591.15 points on huge sell-off across all sectors.