Reliance Share Price Drops Over 4%, Market Cap Slips
- 7th April 2026
- 02:00 PM
- 3 min read
Summary
Reliance Industries shares fell over 4% on Monday, 7 April 2026, hitting a low of ₹1,300 on the NSE amid heavy selling pressure. The decline made RIL the top loser on the Nifty 50 and pushed its market capitalisation below ₹18 lakh crore to approximately ₹17.65 lakh crore. Export duty reimposition on diesel and ATF triggered the sell-off. Reliance Industries emerged as the top loser on the Nifty 50 on Monday, with its share price falling over 4% to ₹1,300 on the NSE. The decline dragged the Nifty 50 down as much as 0.7% during the session, reflecting RIL's index weight of 8.87%, the second highest after HDFC Bank at 10.94%.Mumbai | 7 April 2026
Why Is Reliance Share Price Falling?
The sell-off follows the government’s decision to reimpose export duties on diesel and aviation turbine fuel, effective 26 March 2026. Finance Minister Nirmala Sitharaman announced duties of ₹21.50 per litre on diesel and ₹29.50 per litre on ATF to ensure adequate domestic availability, while keeping petrol exports exempt. The move coincided with a ₹10 per litre cut in excise duty on petrol and diesel.
RIL shares have declined over 8% in the past two weeks. The escalating US-Iran war and its disruption to crude oil supply through the Strait of Hormuz have added further pressure on investor sentiment.
What Is the Export Duty Impact on Reliance?
According to Citi Research, the export taxes are equivalent to $36 per barrel on diesel and $50 per barrel on jet fuel. A senior government official clarified, as reported by PTI, that the duties will not apply to RIL’s SEZ refinery due to judicial rulings.
Citi Research noted that in FY25, 75% of RIL’s diesel production and 35% of its jet fuel production came from the SEZ refinery. Assuming the 2022 precedent holds, the firm said the impact on non-SEZ volumes should be largely offset by elevated diesel and jet fuel cracks versus pre-conflict levels.
Jefferies said the reimposed export duty broadly caps diesel and ATF spreads at $20 per barrel for standalone refiners, including RIL.
What Does the Technical Picture Show?
Analysts identify the ₹1,290 to ₹1,300 zone as a key psychological support level. A break below this range could see the stock drift toward ₹1,220. On the upside, ₹1,380 is the immediate resistance that needs to be cleared before any recovery gains traction.
RIL has broken below a short-term moving average that had acted as support near ₹1,330. Analysts place the next support at ₹1,250, coinciding with the 200-weekly moving average and the 61.8% Fibonacci retracement of last year’s rally. The Relative Strength Index is approaching oversold territory, pointing to the possibility of a short-term pullback, though the broader trend remains weak.
What Should Investors Watch?
The ₹1,290 to ₹1,300 zone remains the immediate floor to monitor. A sustained break below this level opens the door to ₹1,250, and further weakness could pull the stock toward the ₹1,200 to ₹1,220 range. On the recovery side, ₹1,340 now acts as the first resistance, with any meaningful upside requiring a reclaim of ₹1,350. Until that level is breached, analysts say the path of least resistance remains downward.
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