RIL Shares Pare Significant Losses After Hitting 52-Week Low Today

In line with recovery seen across the board, RIL after plunging to 52-week lows of Rs. 891 per share on the BSE on Thursday, March 19, 2020 showed remarkable recovery towards the later part of trade. At around 2:08 pm, the stock was down by just 0.5%. On the NSE, the stock hit a one-year low of Rs. 892.20.

Shares of heavyweight RIL have been falling for four consecutive trading sessions now amid market sell off.

In four straight sessions, the share price of RIL has crashed by as much as 19.5% till March 19, 2020. And given the sharp decline in the petroleum to telecom conglomerate's valuation, Tata Consultancy Services (TCS) has surpassed RIL in market valuation on March 18, 2020 to become the most valued Indian company.

As per charts, TCS continues to be the most valued company as on March 19, 2020 also.

The sharp plunge in shares of RIL is largely to do with global sell-off and decline in global crude oil price which has now plummeted to 18-year low levels of $25 per barrel as lockdowns spread to avoid more of coronavirus infections.

Last the stock of RIL pared some of its lost ground today and was down by 3.03% or Rs. 29.35 at Rs. 939.5 per share.

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