Shares of Reliance Industries Ltd (RIL) slipped over 3% to a two-month low on Wednesday amid reports that two crore shares of the conglomerate changed hands in a block deal as against the one-month daily traded average of 73 lakh shares. Buyers and sellers in the transaction were not known. RIL shares slipped 3.05% intraday to Rs 2361.60 against the previous close of Rs 2436 on BSE today. Total 25.33 lakh shares of the firm changed hands amounting to a turnover of Rs 603.49 crore.
Market cap of the conglomerate fell to Rs 16.11 lakh crore. Later, the stock ended 1.65% lower at Rs 2284 on BSE. The stock was among the top losers on Sensex and Nifty. On Nifty, the stock ended 2.29% lower at Rs 2380.65.
The share hit an all-time high of Rs 2635.17 on July 19, 2023 and fell to a 52-week low of Rs 2012.14 on BSE.
The stock has a beta of 1.2, indicating high volatility in a year. RIL stock has gained 3.15 per cent in one year and risen 0.22 per cent since the beginning of this year.
In terms of technicals, the relative strength index (RSI) of RIL stock stands at 42.3, signaling it's neither trading in the overbought nor in the oversold zone. RIL shares are trading lower than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages.
Meanwhile, Sensex lost 796 points to 66,800 and Nifty ended 232 points lower at 19,901 today.
In a separate development, RIL’s telecom arm Reliance Jio launched AirFiber, a wireless internet service, in India on Tuesday. Unlike JioFiber, AirFiber does not need any physical cable connection to offer 5G internet connectivity. Jio AirFiber and AirFiber Max offer speed ranging from 30 Mbps to 1 Gbps and compete against Airtel Xstream AirFiber.