Reliance Industries shares tank over 7.50 pc; mcap erodes by Rs 1.54 lakh cr

New Delhi, Jun 4 (PTI) Shares of Reliance Industries on Tuesday tumbled over 7.50 per cent, wiping out Rs 1.54 lakh crore from its market valuation, in line with a massive correction in the equity market as the Lok Sabha poll results and trends showed the BJP was set to become the single-largest party but would fall short of the magic figure of 272.

The bellwether stock tanked 7.53 per cent to settle at Rs 2,793.60 on the BSE. During the day, it plunged 10 per cent to Rs 2,719.15. RIL was the major contributor to the decline in Sensex, accounting for 686.45 points of total loss of 4,390 points in the benchmark index.

At the NSE, RIL slumped 7.48 per cent to Rs 2,794.55.

The company's market capitalisation (mcap) eroded by Rs 1,54,020.99 crore to Rs 18,90,063.85 crore. Reliance Industries is the country's most valued firm in terms of market valuation.

Erasing the record-rally of the previous trade, the 30-share BSE Sensex cracked 4,389.73 points or 5.74 per cent to settle at 72,079.05. During the day, the benchmark tanked 6,234.35 points or 8.15 per cent to hit a nearly five-month low of 70,234.43.

Markets had previously declined by over 13 per cent on March 23, 2020, when lockdown was imposed due to the COVID-19 pandemic.

Shares of Reliance Industries Ltd on Monday jumped nearly 6 per cent to hit a record high level.