Around 1 PM, RIL shares were trading 5.92 per cent down at Rs 1,085 apiece on BSE in Thursday's trade. RIL share price has fallen over 35 per cent from its 52-week high of Rs 1,617.80 touched on December 20, 2019.
RIL share price hits a fresh 52-week low of Rs 1,049, declining 9 per cent in Thursday’s trade as crude oil prices sank again on Thursday. The oil to telecom major has surpassed its previous 52-week low of Rs 1,094.95 touched in Monday’s session as Saudi Arabia and Russia triggered a price war. RIL, operator of the world’s biggest refining complex, has bought 2 million barrels of additional Saudi oil in a very large crude carrier for loading in April, Reuters reported citing sources. Oil prices were down around 50 per cent from highs touched in January this year.
Around 1 PM, RIL shares were trading 5.92 per cent down at Rs 1,085 apiece on BSE in Thursday’s trade. RIL share price has fallen over 35 per cent from its 52-week high of Rs 1,617.80 touched on December 20, 2019. The S&P BSE Oil and Gas index was trading 7.45 per cent or 849 points lower with BPCL as the top index loser, down 12.70 per cent, followed by Hindustan Petroleum Corporation, GAIL, IOC and RIL.
The slump in crude oil prices today intensified after US President Donal Trump announced a ban on travel from Europe to the US for next 30 days, except from the United Kingdom, to combat the novel coronavirus outbreak. The announcement of ban on travel was followed by the declaration by the World Health Organisation that coronavirus (COVID-19) is now a pandemic.
It is widely expected that the travel ban will decrease the demand for jet and other fuels in oil market. Brent crude was trading down $1.66, or 4.64 per cent, at $34.13, while WTI crude oil was ruling at $31.58, down 4.18 per cent or $1.38.