Reliance Industries stock drops over 3 pc; market valuation erodes by Rs 70,195 cr

Shares of the country’s most valued firm Reliance Industries declined over 3 per cent on Monday, contributing majorly to the benchmark Sensex plunge.

Following the extremely weak trend in equities, the bellwether stock dropped 3.46 per cent to settle at Rs 2,894.70 on the BSE. During the day, it tanked 4.42 per cent to Rs 2,865.80.

At the NSE, it declined 3.46 per cent to Rs 2,894.65.

The 30-share BSE benchmark tanked 2,222.55 points or 2.74 per cent to settle at 78,759.40. During the day, it slumped 2,686.09 points or 3.31 per cent to 78,295.86.

The NSE Nifty plummeted 662.10 points or 2.68 per cent to settle at more than a month’s low of 24,055.60. During the day, it tumbled 824 points or 3.33 per cent to 23,893.70.

The blue-chip stock contributed 307.18 points to the Sensex crash.

The company’s market valuation got eroded by Rs 70,195.32 crore to Rs 19,58,500.25 crore amid sharp decline in its share price.