Reliance Industries witnesses its worst single-day fall since November 2020; know how it fared after such a drastic fall!

Here is the table exhibiting the performance of Reliance Industries after a fall in excess of 7 per cent

After a dreadful performance by the Indian benchmark in the month of June 2022, Nifty index fell more than 4.5 per cent on account of a protracted geopolitical stand-off between Russia and Ukraine along with the consequent rise in key commodity prices.  

Additionally, the central banks’ action to tame galloping inflation by raising key rates has also punctured the equity market rally.   

It was expected that July would start high on optimism; however, after a tepid start, the Indian benchmark indices extended their fall in the initial hour of the trading session and the main culprit for this was the index heavyweight Reliance Industries.   

Reliance Industries plunged sharply by over 7 per cent on July 1 after opening the session at the level of Rs 2,574.90. It made a low of Rs 2,365 and was amongst the top contributor (142 points) to the losses of Nifty.   

The stock dipped after the government announced taxes on windfall gains made by crude oil producers. Due to this sharp fall, the stock tumbled below its 200-DMA.   

Here is the table exhibiting the performance of Reliance Industries after a fall in excess of 7 per cent: