Reliance Industries' Shares Tumble Amid Oil Price Surge

Shares of Reliance Industries tumbled over 3% on Monday, marking a second consecutive day of losses. The stock declined 3.41% to close at Rs 1,304.75 on the BSE and dropped as much as 4.50% during the session.

This decline coincides with rising crude oil prices, which have surged past the USD 110 mark amid escalating tensions in the Middle East, according to Hariprasad K, Founder of Livelong Wealth. The stock, a major player in the Sensex and Nifty, shed Rs 86,743.14 crore from its market capitalization, bringing it down to Rs 17,65,649.37 crore.

Despite a volatile market session where the BSE Sensex climbed 787.30 points and the NSE Nifty rose by 255.15 points, Reliance Industries emerged as the biggest loser among heavyweight stocks. This year, the company's share value has decreased by nearly 17%.