RIL share price: RIL at 14-month low as FIIs pull out India bets
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Mumbai: Shares of Reliance Industries (RIL) hit their lowest level in fourteen months on Wednesday as traders mounted bearish derivative bets in the wake of foreign institutional selling. The stock made a low of ₹1,193.35 on Wednesday - the lowest since December 2023 - before rebounding to close at ₹1,216.55, down 1.4% over the previous day's close. "FIIs have been continuously selling in Indian markets, impacting broad indices. We believe Reliance Industries, being an index stock with larger weight on indices, must have got impacted due to this continuous selling," said Anita Gandhi, founder and head of institutional broking at Arihant Capital. Gandhi also said that the GRMs(gross refining margins) of OMCs (oil marketing companies) have been pretty low compared to past year, which has led to some weakness in all oil refiners, including Reliance. Reliance shares declined 16.2% in the past year as against the Nifty's gain...