The shares of the Mukesh Ambani-led company dropped over 4% to trade at Rs 1,290.30 apiece on Monday, the lowest level in nearly one year. The sharp selloff pushed the market cap of the conglomerate well below the Rs 18 lakh crore mark. The stock is currently the top loser on benchmark indices, which are down marginally in the afternoon.
Momentum to remain weak?
At the current juncture, Reliance Industries shares are trading close to their 200-week moving average, as well as the yearly pivot support near the Rs 1,260 mark, making this zone a crucial reference point for market participants, said Jigar S. Patel, Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers. “Technical indicators, including RSI, MACD, and DMI, are currently reflecting a bearish undertone, indicating that momentum remains weak in the short term,” he added.
Despite this pressure, the analyst noted that the Rs 1,260 level has historically acted as a strong support, and if the stock manages to sustain above this point for the next 3-4 sessions, it could trigger a short-term rebound. “A stable close above this zone may attract fresh buying interest. For now, 1,260 serves as an important support, while 1,360 stands as the immediate resistance to watch,” he added.
The shares of the company last month declined after the government reintroduced windfall taxes on diesel and ATF exports. RIL’s two refineries at Jamnagar produce nearly 5 million tonnes of air turbine fuel, a large part of which is exported. Overall, it produces one-fourth of India’s total ATF.
Reliance Industries shares have declined more than 3% in the past one week, and around 8% in the past one month. The stock is down nearly 18% in 2026 so far. In the longer term, the shares of the company gained 11% in three years and 31% in five years.
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