It has been a turbulent week for India’s largest conglomerate. Reliance Industries shares continued their downward slide on Friday, trading at ₹1,470 on the BSE, marking the fifth consecutive session of losses. This sharp decline has not only wiped out over ₹1 lakh crore in market capitalization but has also significantly impacted Mukesh Ambani's net worth, which saw a dip of nearly ₹223 crore in just five days.
The sell-off was triggered by a controversial report alleging that the company’s flagship Jamnagar refinery was set to receive millions of barrels of Russian crude oil despite ongoing international scrutiny.
The Russian Crude Oil Controversy: Fact vs. Fiction
The primary catalyst for this week's volatility was a media report claiming that three tankers carrying approximately 2.2 million barrels of Urals crude were signaling Jamnagar as their destination.
Reliance Industries Limited (RIL) took the rare step of issuing a forceful public denial. Describing the reports as "blatantly untrue" and "baseless," the company clarified:
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No Arrivals: No Russian oil cargo has been received in the last three weeks.
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No Future Orders: No deliveries are expected or scheduled for the remainder of January 2026.
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Sanctions Compliance: The company emphasized its commitment to global trade regulations, distancing its balance sheet from potential secondary sanctions risks.
Despite this clarification, the market remained skeptical, with the stock recording its steepest intraday fall in months earlier this week.
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Financial Impact: By The Numbers
The erosion of value has been swift and severe. Analysts have noted that the stock has fallen by roughly 8% over the last five trading sessions.
| Metric | Current Status (Jan 9, 2026) | Change (5-Day Trend) |
| Share Price | ₹1,470 | ▼ 8% |
| Market Cap | ₹19.89 Lakh Crore | ▼ ₹1.1 Lakh Crore |
| Ambani Net Worth | $101 Billion (Approx) | ▼ ₹223 Crore (Equity Stake) |
While Mukesh Ambani holds a 0.12% individual stake in the company, the broader impact on his global ranking is notable. According to the Bloomberg Billionaires Index, Ambani is currently battling to stay within the elite $100 billion club as the company's valuation fluctuates.
Why the Market is Nervous: Looking Ahead to Q3 Results
Investors are now looking toward January 16, 2026, when the company is scheduled to release its third-quarter (Q3) financial results. The upcoming board meeting is expected to be a turning point for the stock's trajectory.
Experts suggest the market will focus on three key pillars:
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Refining Margins: Whether the shift away from discounted Russian crude oil imports has pinched the profit margins at the Jamnagar refinery.
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Consumer Strength: The performance of Reliance Retail and Reliance Jio, both of which showed robust 10% year-on-year growth in the previous quarter.
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Future Catalysts: Updates on the potential listing of Jio and the progress of the company’s massive $7.6 billion bio-gas and green energy initiatives.
Expert Perspective: A Temporary Dip or Structural Shift?
While the current sentiment is bearish, global brokerages like Morgan Stanley remain optimistic, recently raising their price target for RIL to ₹1,847. They argue that Reliance's major business segments—energy, retail, and telecom—are now free cash flow positive, providing a "financial cushion" against short-term geopolitical shocks.
For the retail investor, the current volatility serves as a reminder of how sensitive large-cap stocks remain to global energy narratives.
