RIL drags Sensex down tanks 4 pc; investors lose Rs 12,000 cr

Shares of India's largest private sector firm Reliance Industries settled with a decline of nearly four per cent and as investors took to heavy selling after RIL reported an over six per cent fall in net profit.

Shares of India's largest private sector firm Reliance Industries on Friday settled with a decline of nearly four per cent and as investors took to heavy selling after RIL reported an over six per cent fall in net profit.

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During the day the stocks of the company dipped as much as 4.10 per cent in the Bombay Stock Exchange and 3.87 per cent on the National Stock Exchange, as concerns of decline in refining margins weighed on investor sentiment.

The stock settled at Rs 1,931.25, down 3.62 per cent on BSE and quoted at Rs 1,927, down 3.62 per cent on NSE. On the volume front over 65.20 lakh shares exchanged hands on both the bourses.

RIL, which was one of the top losers on Friday, shed Rs 12,000 crore in market capitalisation in a single day. At the end of the day's trade the marketcap of the company stood at Rs 3,17,327.55 crore, down from Rs 3,29,256 crore yesterday.

The market, which opened on a firm note could not sustain and momentum and pared the initial gains later in the day as RIL, which has the highest weightage in the index, continued its downslide. The Sensex lost over 150 points to close at two-month low level.