Mukesh Ambani's Reliance Industries shares fell 2% on Wednesday to hit a 52-week low of Rs 2,228. The stock declined for the fifth time in a row
Reliance share price has tanked over 13% so far in 2023, underperforming benchmark indices Sensex and Nifty, which have fallen around 6% year-to-date
Reliance Industries' market capitalisation has been eroded by Rs 31,631 crore in two days as a result of the rout in the conglomerate's stock
RIL’s stock price has corrected due to the volatile O2C segment margins and volatile energy prices. Also, RIL’s net debt has reached Rs 1,10,248 crore, and it is expected to further expand due to higher capex commitments in 5G and organised retail segment
Reliance Industries share price breached its crucial support of Rs 2,300 recently which is a matter of concern, according to Jigar S Patel of Anand Rathi Shares and Stock Brokers
“At the current market price, fresh longs are not recommended as we are expecting Reliance to test Rs 2,200 levels in coming sessions,” said Jigar S Patel, Senior Manager - Technical Research Analyst, Anand Rathi Shares and Stock Brokers
The brokerage recommends BUY at current levels. Recovery in polymer margins, telecom tariff hike, and improvement in asset utilisation of existing retail stores are likely to act as upside triggers for the stock, as per Vinit Bolinjkar, Head of Research, Ventura Securities
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