Reliance Industries shares decline 4% amid heavy volumes, emerges as third-biggest drag on Nifty

Shares of Reliance Industries (RIL) slipped sharply on Tuesday, falling 5% to an intraday low of Rs 1,497.05 from the previous close of Rs 1,577.45. The stock opened marginally lower at Rs 1,575.55 but faced sustained selling pressure, with trade volumes spiking significantly. RIL said it is not expecting any Russian crude oil deliveries ⁠in January and has not received such cargoes in the past three weeks.The private refiner, which used to be India's largest buyer of ‌Russian oil, ‌published a statement on X denying a Bloomberg report based on Kpler data ‌that three vessels laden with Russian oil are heading to its Jamnagar refinery. The move comes amid renewed trade concerns ‌after ‍US President Donald Trump said on Monday tariffs on ‍India could be raised if New Delhi does not ‌curb purchases of Russian oil.RIL’s total traded quantity stood at 5.21 lakh shares, while turnover crossed Rs 79.4 crore, indicating heightened market participation.It emerged as the largest drag on the Nifty 50 index, subtracting 72.5 points from the benchmark’s overall fall of 91 points. HDFC Bank and Trent followed to contribute further to the index decline.Around 11:30 am, the Nifty50 index was trading 97 points, or 0.37%, lower at 26,153.In terms of price performance, RIL share price has shown mixed momentum recently. Over the past week, the stock has declined 0.54%, and by 2.44% in the last two weeks.On a monthly basis, it is down 0.55%. However, on a quarterly basis, RIL has posted a strong gain of 11.45%, while its yearly performance remains robust, with a 25.8% rise.From a technical perspective, the stock remains above its medium- to long-term exponential moving averages (10-day, 20-day, 50-day, 100-day, and 200-day EMAs), indicating it is holding strength over broader timeframes.However, Monday’s close brought it below the 5-day EMA. The Relative Strength Index (RSI) stands at 59.8, according to Trendlyne data, which is considered neutral territory. An RSI below 30 indicates an oversold condition, while a reading above 70 suggests overbought levels.Also read: 'Too cheap to ignore': Jefferies initiates coverage on Emmvee Photovoltaic, sees 70% upside(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)