Reliance Industries-RIL Share: Stock saw its biggest drop of the year today, losing 5%, what is the reason for the decline

News Topical, Digital Desk : Reliance Industries stock is seeing a sharp decline just a day after hitting a new record high for the year. The selling came after the company denied Bloomberg reports that ships carrying Russian oil were arriving at its Jamnagar refinery. The company has denied these reports, leading to a sharp decline. On Tuesday, the stock fell 5%, falling below the 1500 level.

The stock fell due to Reliance Industries' statement on a Bloomberg report. Reliance Industries has denied the Bloomberg report. Bloomberg had reported that three ships carrying Russian oil were headed to Reliance Industries' refinery. The company clarified that the news of the arrival of ships carrying Russian oil was completely false and that the Jamnagar refinery had not received any Russian oil shipments. The company also stated that it had not received any Russian oil shipments in the past three weeks and that it was not expecting any oil from Russia in January. 

How did the stock perform? The stock fell 5% in Tuesday's session to 1497. Just a day earlier, on January 5th, the stock had reached a year-high of 1611.2. A year ago, the stock was near the 1200 level and has maintained a steady upward trend. (Disclaimer: Network18 and TV18 companies operate channels/websites, which are controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

Read More: A young man has lost ₹2 crore in the stock market due to his addiction to F&O trading, leaving a salary of ₹3 lakh in debt.