Reliance Ind stock stokes market fire

Reliance Industries fell 6%,sending the benchmark Sensex down by over 700 points.

Reliance Industries,India’s most valued company in terms of market value,stock today fell sharply over 6 per cent on the BSE,sending the benchmark Sensex down by over 700 points.

The energy major alone contributed over 100 points to the overall decline in the stock market.

Shares of the company settled 6.16 per cent lower at Rs 786.45 on the BSE.

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Market value of the company also took a hit and dropped by Rs 16,877 crore to Rs 2,57,501 crore in just one trading session.

Similar was the trend at the National Stock Exchange (NSE),where the stock plummeted by 6.85 per cent to close at Rs 780.25.

RIL commands 10.53 per cent weightage in the Sensex.

Fall in the stock was significant in dragging down the bellwether Sensex which tumbled 704 points,or 4.13 per cent,to close at 16,361.15.

The NSE’s 50-share Nifty also plunged 209.60 points,or 4.08 per cent,to close at 4,923.65.

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Commenting on the downslide in the market,Inventure Growth and Securities Equity Head Amit Chheda said,”The Fed’s so called ‘Operation Twist’ did not have any pleasant surprise for the equity investors across the world. Infact,it gave warning signals of significant downside risks to the US economy. Nonetheless,worries in Euro zone are larger at the moment.”

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