Reliance shares hit fresh 52-week low at ₹1,198 amid broader market selloff
Reliance Industries shares hit a fresh 52-week low of ₹1,198 in intraday trade on 28 September, falling below the ₹1,200 mark during a widespread selloff in the Indian stock market. The stock declined more than 2% on the day, with the Sensex also dropping 1.6% to an intraday low of 72,716. Year-to-date, Reliance shares are down approximately 24%, significantly outperforming the nearly 15% decline in the Sensex over the same period.
The decline comes despite strong Q1FY27 earnings, where profit rose 16% year-on-year and 23.42% quarter-on-quarter to ₹20,946 crore, while revenue from operations increased 25.41% YoY and 4.43% QoQ to ₹3,11,850 crore. Analysts attribute the selling pressure to near-term concerns around retail segment growth, elevated capital expenditure, and subdued free-cash-flow conversion, rather than any deterioration in the long-term investment thesis.
Adding to market attention, Reliance is reportedly planning to raise up to ₹10,000 crore through asset-backed securities, equivalent to around $1 billion, backed by rental receivables from group companies including Reliance Jio Infocomm. The proposed notes are due in five years and expected to carry a coupon in the 8.35%-8.40% range.
Technically, the stock has slipped below key moving averages, with the 200-EMA at ₹1,303 and 45-WMA at ₹1,325 breached, and weekly RSI around 35 indicating downward pressure. Immediate support is seen near ₹1,200, followed by ₹1,150–1,170, while resistance lies between ₹1,300–1,325 and then ₹1,400. Experts suggest sustained trading below these averages reflects a weak chart structure, with strong positional support in the ₹1,100–₹1,150 zone.
Despite the near-term weakness, brokerages like Religare Broking and Ventura maintain a constructive outlook, citing Jio’s structural growth, improving ARPU, and potential value unlock from a Jio Platforms IPO. They view the current correction as an opportunity for long-term investors, though caution remains due to crude volatility and returns on recent capital spending.
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