Reliance Industries Suffers Biggest Single-Day Loss In At Least 10 Years
Reliance Industries slumped as much as 10 per cent, its biggest single-day fall in at least 10 years, to hit an intraday low of 1,143.
Shares of companies engaged in crude oil exploration business fell sharply after crude oil prices crashed in international markets. The operator of world’s largest crude oil refining facility at Jamnagar and operator of KG-D6 basin in Krishna Godavari basin – Reliance Industries – slumped as much as 13.65 per cent, its biggest single-day fall in at least 10 years, to hit an intra-day low of 1,096.65, data from BSE showed. State-run oil explorer ONGC also slumped as much as 13 per cent to hit an intra-day low of Rs 77.80. Oil prices in international markets crashed more than 30 per cent after the disintegration of the Organization of the Petroleum Exporting Countries (OPEC)+ alliance triggered an all-out price war between Saudi Arabia and Russia that is likely to have sweeping political and economic consequences. (Also Read: Sensex 2,350 Points Down Amid Coronavirus Crisis, Biggest Fall Since 2010)
Crude oil fell the most since 1991 on Monday after Saudi Arabia started a price war with Russia by slashing its selling price and pledging to unleash its pent-up supply onto a market reeling from falling demand because of the coronavirus outbreak.
Brent crude futures fell by as much as $14.25, or 31.5 per cent, to $31.02 a barrel. That was the biggest percentage drop since January 17, 1991, the start of first Gulf War, and the lowest since February 12, 2016.
US West Texas Intermediate (WTI) crude fell as much as $11.28, or 27.4 per cent, to $30 a barrel. That was also the biggest percentage drop since the first Gulf War in January 1991 and the lowest since February 22, 2016. It was trading at $32.61.
Meanwhile, equity markets witnessed heavy selling pressure on Monday as benchmark indices slumped more than 4 per cent tracking a selloff in global markets, as investors panicked about the severity of coronavirus pandemic amid fears of recession.
Reliance Industries ended 13 per cent lower at Rs 1,104.50 and ONGC dropped 16 per cent to close at Rs 74.35, under-performing the Sensex which ended 5.2 per cent lower.
- Happy Ganesh Chaturthi 2021: HD Images, Best Wishes, Images, DP’s, Quotes of Lord Ganesha to share on WhatsApp & Facebook
- Diploma Courses | List of Polytechnic (Diploma) Courses 2021 in India
- All About Online Math Homework Help Free for Grade K to 12 | Best & Free Mathematics Homework Help 24/7
- Happy Teachers Day 2021: Speech, Status Videos, Wishes, Images, Greetings, Messages, Cards, Gifs, Slogans, Quotes to Share with Teachers
- Snapchat Usernames Guide: Snapchat Username Ideas, How to Change Username on Snapchat & Best Snapchat Names List
- Happy Raksha Bandhan Whatsapp Status Video Download MP4 & MP3, Images, Wishes, Quotes for Brother & Sister to Share
- Happy International Friendship Day 2021 WhatsApp Status Videos, Images, Quotes, DP, Messages, Greetings To Share With Bestie
- Happy Ram Navami WhatsApp Status Videos, Wishes, Images, Quotes, SMS, Background Pics, HD Wallpapers, Gifs | Essays & 10 Lines on Ramanavami 2021
Instagram10 months ago
Top 200+ Best Cute Cool Instagram Bio Ideas of 2020 That You Can Copy-Paste Easily
Instagram10 months ago
300+ Best Instagram Username Ideas 2020 for Boys & Girls New Profiles on Insta
News10 months ago
Top 100 Funny Group Chat Names for WhatsApp & Other Social Media Apps | Best Cute Cool Fun Ideas for Group Names
News9 months ago
100+ Best Captions for Brother’s Handsome Photo That You Can Copy And Paste Easily
News3 weeks ago
Snapchat Usernames Guide: Snapchat Username Ideas, How to Change Username on Snapchat & Best Snapchat Names List
News11 months ago
Happy Dasara WhatsApp Status 2020 Video Download | Share Vijaya Dashami Status Images, Wishes, Quotes on WhatsApp
News10 months ago
Best Cute Funny Throwback Captions 2020 | Unique Flashback Quotes for Instagram Posts & Stories
Instagram9 months ago
25+ Famous Relationship Bio for Instagram | Best Instagram Bios for Relationship Status