reliance industries share price, great investment opportunity! Ambani’s Rocketsingh share hit the bottom, should you buy it? – reliance industries share price stock hits 52-week low
Stock performance on Thursday
Shares of Reliance Industries plunged to a low of Rs 2,202.20 on Thursday after opening at Rs 2,243 per share in today’s market session. Also, Reliance stock has fallen more than 4 percent since March 10. The decline in the stock seems to have affected the market capitalization (market cap) of the company as well. As of yesterday March 15, the market capitalization of Reliance was Rs.15,13,338.30 crores. But the stock fell below Rs 15 trillion intra-day today as the stock continued to fall on Thursday, with the company’s market cap at Rs 14.73 lakh crore at 11:56 am.
What should investors worry about?
Reliance stock has retreated due to investor concerns related to the capital spending cycle, in addition to general weakness in the market due to the collapse of the Silicon Valley bank. There seems to be a lack of clarity on how this capex is being done by the company and how much they are doing for new businesses, what returns they expect.
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Share movement
On a year-to-date (YTD) basis, Reliance Industries stock has recorded a decline of around 12.50 percent. The stock has fallen more than 20% to its 52-week high of Rs 2,856.15. In January this year, the group announced its results for the October-December 2022 quarter. Accordingly, Reliance’s net profit fell by 15 percent to Rs 15,792 crore in the third quarter. On an annualized basis, revenue increased by 15.3 percent to Rs 2.20 lakh crore.
(Note: Consult a financial advisor before investing in the stock market)
