Reliance sheds 3% after Rs 4,563-cr block deal, sends Nifty50 below 20,000

Around 1.9 crore shares of RIL or 0.3 percent equity changed hands in a block deal on the exchanges.

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Shares of index heavyweight Reliance Industries slumped over 3 percent to a two-month low of Rs 2,355 in early trade on September 20 and dragged the benchmark Nifty 50 below the 20,000 points.

At 10.20am, shares of RIL were among the worst hit in the Nifty 50 pack, trading  nearly 2 percent lower at Rs 2,394.75. The stock contributed around 32 points to the Nifty 50’s near-165-point decline till then.

The fall in the counter was triggered by huge volumes as two crore shares changed hands on the exchanges so far, as against the one-month daily traded average of 73 lakh shares.

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A block deal involving 1.9 crore shares or 0.3 percent equity also took place on the exchanges, worth around Rs 4,563 crore. Moneycontrol could not immediately identify the buyers and sellers involved in the transaction.

In addition, the government’s decision to raise windfall tax on the sale of domestic crude oil last week to Rs 10,000 per tonne also weighed on the stock, especially in the backdrop of a consistent spike in Brent crude prices to a 10-month high of $95 per barrel.

The consistent surge in Brent crude prices in recent weeks, though a positive for margins of the oil refiner, may also prompt the government to further increase the windfall gains tax. The windfall tax levied just two weeks ago was at Rs 6,700 per tonne.

Despite the fall in the stock, brokerages remain positive on the oil-to-telecom conglomerate’s long-term growth prospects. Foreign brokerage Jefferies feels that the over 6 percent correction in the stock in the past month has turned valuations favourable. The firm also sees capital intensity coming down for RIL’s telecom and retail arms in FY25, leading to a strong free-cash-flow for the conglomerate.

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Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

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