Shares of Reliance Industries tanked nearly 5 per cent in intra-day trade on Tuesday amid the ongoing US-Venezuela conflict and media reports that three vessels laden with Russian oil are on their way to its Jamnagar refinery, which the company has called “blatantly untrue”.
The company in a post on social media platform X said the refinery has not received any Russian oil cargo in the past three weeks, nor is it expecting any Russian crude oil deliveries in January.
At around 1:10 PM (IST), shares of the company were trading at ₹1,508.10, down 4.44 per cent.
The US-Venezuela conflict is weighing on the refiner as concerns have raised that further escalation of the crises may trigger volatility in crude oil prices and impact the margins of oil refiners.
This marks the stock’s biggest intraday fall since June 4, 2024.
