Shares of Reliance Industries Ltd on Monday slumped as much as over 13 per cent amidst a price war among oil producers leading to international crude prices crashing by their biggest margin since the 1991 Gulf war.
On the BSE, the stock closed the counter at Rs 1,113.15, tumbling 12.35 per cent. During the day, it had plunged 13.78 per cent to hit a low of Rs 1,094.95.
Following similar movements on the NSE, the scrip dived 13.1 per cent to settle at Rs 1,104.5. Intra-day, it had hit a low of Rs 1,095 by declining 13.84 per cent.
International oil prices crashed by close to 31 per cent, the second-largest margin on record, after the disintegration of the OPEC+ alliance triggered an all-out price war between Saudi Arabia and Russia.
Besides, brent futures plummeted to about USD 31 a barrel on Monday.
Meanwhile, in absolute terms, the BSE Sensex crashed over 1,941 points and the NSE Nifty tumbled 538 points as no let-up in coronavirus spread and massive crude oil plunge fuelled global recession fears.
