RIL falls below Rs 2,000 level on heavy selling
Shares of Reliance Industries on Thursday slipped below the Rs 2,000 level on the bourses on heavy selling by foreign funds and retail investors, triggered by weak global cues.business Updated: Sep 11, 2008 15:40 IST
Shares of Reliance Industries on Thursday slipped below the Rs 2,000 level on the bourses on heavy selling by foreign funds and retail investors, triggered by weak global cues.
RIL opened on a weak note on Thursday and then lost further ground and touched an intra-day low of Rs 1,995 on the Bombay Stock Exchange, a dip of Rs 88.55 from its previous closing price.
Similar trend was witnessed on the National Stock Exchange as well, where the company fell to an intra-day low of Rs 1,993, a fall of 4.46 per cent over its previous close.
"The fall in Reliance Industries is largely due to two reasons the weak global market and crude oil prices," domestic brokerage firm SMC Global Vice President Rajesh Jain said.
"Firstly, world markets are in a bearish mood, which is affecting the domestic market as well. With the fall in domestic bourses, investors are looking for profit taking option. The recent fall in oil prices, which is hovering around 102 dollar per barrel, also had a bearing on the fall of Reliance Industries," he said.
The scrip was later trading at Rs 1,996, down 4.20 per cent on the BSE at 1310 hrs and over 15 lakh shares got traded.
Among the BSE sectoral indices, the oil and gas sector declined the most and suffered a loss of over three per cent.
The scrip which has nearly 15 per cent weightage on the Sensex, dragged the bellwether index along with its fall.
The Bombay Stock Exchange benchmark Sensex continued its losing streak for the third straight session on Thursday and fell by 379 points after heavy-weight stocks led by oil and gas and capital goods sectors suffered sharp losses.