Reliance Industries Shares Slip Below ₹1,200, Touch Fresh 52-Week Low

Reliance Industries shares came under fresh selling pressure on Monday, September 28, falling below the ₹1,200 mark and touching a new 52-week low as the broader Indian equity market declined. 

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The stock fell more than 2% during the session to hit an intraday low of ₹1,196.05 on the BSE. It eventually closed 2.24% lower at ₹1,198.50. 

The weakness was not limited to Reliance. The Sensex fell as much as 1.6% during the session to an intraday low of 72,716 before ending at 72,771.72, down 1.52%. 

Reliance shares down by about 24% in 2026 

This year has not been very kind to the shares of Reliance Industries. The company's stocks have fallen by about 24% YTD when compared to the fall of about 15% in the Sensex. 

Reliance shares have fallen by nearly 13% YTD when the Sensex has fallen by almost 10% over the same time period. 

The stock has managed to achieve monthly gains only twice in the year 2026 so far – in April and July. In the month of September alone, it has fallen by about 7%. It is moving towards posting a loss for the second consecutive month. 

This fall has come in spite of the company posting positive numbers for its financial performance in the first quarter. 

In Q1FY27, the company has reported a profit of ₹20,946 crore, which was up by 16% year-on-year and 23.42% quarter-on-quarter. The revenue from operations has risen by 25.41% YoY and 4.43% quarter-on-quarter to ₹3,11,850 crore. 

Concerns surrounding the pace of growth in Reliance Retail, elevated capital expenditure and free cash flow conversion have remained in focus. Volatility in crude oil prices and disruption to energy supply chains amid the West Asia conflict have also drawn attention to the outlook for the company’s oil-to-chemicals business. 

Reliance’s net debt stood at 0.57 times annualised EBITDA, according to the report. Jio’s average revenue per user has continued to rise. 

The stock’s position as a major index constituent also leaves it exposed to larger price movements when institutional investors cut their equity exposure during periods of wider market weakness. 

Reliance reportedly considering ₹10,000 crore fundraise 

In another development, Reliance Industries is reportedly planning to raise up to ₹10,000 crore through asset-backed securities. 

These securities will be secured by rental revenues from the group entities like Reliance Jio Infocomm. These securities will have a tenure of five years and an interest rate of 8.35% to 8.40%. 

Key levels for Reliance shares 

The recent fall has also taken the stock below some closely watched technical levels. 

Reliance is trading below its 200-day exponential moving average of ₹1,303 and its 45-week moving average of ₹1,325. Its weekly Relative Strength Index is around 35. 

The ₹1,200 level is an immediate support area, followed by ₹1,150-₹1,170. Another positional support range lies between ₹1,100 and ₹1,150. 

On the other side, ₹1,300-₹1,325 forms an important resistance zone, followed by ₹1,400. 

Reliance shares have been in a corrective phase since touching an all-time high in January 2026, with the stock subsequently forming lower highs and lower lows. 

Attention around the company now remains on the performance of its oil-to-chemicals, retail and Jio businesses, along with free cash flow and returns from recent capital expenditure. The potential listing of Jio Platforms is another development being watched in relation to the company’s digital business.