• Big fall in Reliance shares


• Reliance shares fall 4%


• Companies like Wipro, Titan and TCS were also hit

Reliance Industries Stock fall: The first day of the week was a shocker for investors in Reliance Industries on Monday. The sudden drop in Reliance shares not only hit the company’s market cap but also the entire stock market. Investors in Reliance Industries Ltd, India’s largest conglomerate owned by Mukesh Ambani, the country’s richest man, suffered financial losses. Shares of Reliance fell sharply as the market opened on the first trading day of the week. Shares of Reliance fell by around 4.20% in early trading. The decline was so rapid that investors did not even have a chance to recover and billions of rupees were lost in no time.

This decline in Reliance shares has had a direct and devastating impact on the company’s market cap. Reliance’s market capitalization was Rs 19,72,493.21 crore at Friday’s close, falling to Rs 19,04,996 crore on Monday. As a result, the wealth of investors fell by Rs 68,000 crore in just one day. Shares of RIL opened at Rs 1,450.60 against the previous close of Rs 1,461 and later fell to Rs 1,406.30. Reliance has returned around 15% to investors over the past year, but the latest decline has raised concerns among short-term investors.

This fall in the market affected not only Reliance but also banking giant ICICI Bank. Shares of ICICI Bank fell to Rs 1,360 from the previous closing price of Rs 1,413 on Monday, taking its market cap to Rs 9.80 lakh crore. Shares of major companies such as Wipro, Titan and TCS also sold off. Amid the turmoil, the BSE Sensex was trading down over 500 points and the Nifty was trading down over 150 points.

Despite this significant share decline, many brokerage firms are bullish on Reliance. PL Capital maintains ‘Buy’ rating on Reliance with a target price of 1,683. The company’s new energy projects are moving in the right direction and Jio IPO preparations will support the stock in the future. Meanwhile, brokerage firm Nuwama has a Buy rating with an even higher target price of 1,808. Experts recommend that investors focus on a long-term view instead of panicking.