Reliance Industries Shares Drop Over 4% After Record High, Russian Oil Report Denial Weighs On Stock

Mumbai: Shares of Reliance Industries Ltd. (RIL) fell sharply on Tuesday, January 6, a day after the stock touched its all-time high. The share price dropped over 4 percent to Rs 1,506.20 on the NSE, after hitting a record level of Rs 1,611.80 in the previous session. The fall surprised some investors as the stock had shown strong momentum just a day earlier.

Reason Behind the Decline

The decline in Reliance shares came after the company strongly denied a media report claiming that Russian crude oil shipments were heading to its Jamnagar refinery. Reliance clarified that its refinery has not received any Russian oil cargo in the past three weeks and does not expect any such deliveries in January.

The company said it was “deeply pained” that its official denial was ignored before the report was published. The report had stated that three tankers carrying about 2.2 million barrels of Russian oil were signalling Jamnagar as their destination, based on data from analytics firm Kpler. Reliance called this claim completely untrue.

What Global Analysts Say?

Despite the stock fall, global investment bank Jefferies remains positive on Reliance. In a note, Jefferies said Reliance and ONGC could benefit if the US takes control of Venezuelan oil production. Increased supply could reduce crude prices in 2027–28, unless OPEC+ steps in to control the market.

Jefferies added that if US sanctions on Venezuela are lifted, Reliance could again buy Venezuelan crude oil at cheaper rates. In the past, Reliance sourced around 20 percent of its daily crude needs from Venezuela at a discount of $5–8 per barrel to Brent crude, which helped improve its refining margins.

Reliance’s Big AI Vision

In late December 2025, RIL Chairman Mukesh Ambani shared a draft AI Manifesto. He said Reliance plans to become an AI-driven company and improve productivity ten times for its 6 lakh employees. Ambani called AI the most important technology of our time and said Reliance aims to provide affordable and safe AI for every Indian.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Stock market investments are subject to risks. Please consult a qualified financial advisor before investing.