RIL investors suffer Rs 1.27 lakh crore loss as stock ends 7.5% lower

About Rs 1.27 lakh crore was wiped off of Reliance Industries Ltd‘s (RIL) investors as shares of the company ended 7.5% lower on BSE today as poll counting estimates showed that Prime Minister Narendra Modi-led NDA alliance was not likely to score as much as exit polls had predicted in the 2024 Lok Sabha elections.

Shares of RIL had made a new all-time high of Rs 3,029 on June 3 when the total market capitalization of the company hit at Rs 20.44 lakh crore. It currently stands at Rs 18.9 lakh crore.

In the meantime, Sensex ended nearly 4,400 points lower on Tuesday while Nifty was down by 6%, dragged down by heavyweights Reliance Industries and financial stocks.

From the Sensex pack, Reliance Industries, HDFC Bank, and ICICI Bank alone contributed to a 2012-point decline in the index while L&T, SBI, Axis Bank, NTPC, and Power Grid were other stocks dragging the index downwards.

Also read: Adani suffers Rs 3 lakh crore shock as stocks crash up to 20%Gautam Adani’s flagship entity Adani Enterprises led the group’s downslide with an 8% dip as shares of all 10 Adani Group companies on Tuesday fell amid counting of votes for the Lok Sabha elections.Shares of Adani Total Gas, Ambuja Cements and NDTV also fell around 8% each. Nifty stock Adani Ports also was trading 18% lower as early trends showed the ruling NDA hovering near the majority mark while Congress-led INDIA alliance had crossed the 200-mark.The BSE PSU Index today fell by 18% today while the Nifty Midcap 100 index had fallen by over 7%.

While the FMCG and Healthcare indices began the day in green, defying the broader markets, the same had fallen down by 2% and 3.5% respectively by 12:45 pm.

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