Reliance share price crashes 7%, hits 52-week low amid stock market crash. Do you own?

Blue-chip stock Reliance Industries (RIL) came under heavy selling pressure on Monday, April 7, tracking a broader selloff that engulfed stock markets worldwide. The Mukesh Ambani-led company saw its shares plunge over 7 per cent to a fresh 52-week low of ₹1,115.55 on the BSE on Monday, April 7. Reliance's share price opened at ₹1,125 against its previous close of ₹1,204.70 and crashed as much as 7.4 per cent to plumb its 52-week low of ₹1,115.55. The heavyweight stock, however, pared its losses and traded 4.80 per cent lower at ₹1,146.85 around 10:30 AM.

The weakness in Reliance's share price has come amid a broader stock market crash. The market benchmark Sensex cracked nearly 4,000 points, and the BSE Midcap and Smallcap indices crashed up to 10 per cent in early deals.

Reliance share price trend

After a 6 per cent rise in March, Reliance share price is down over 10 per cent in April so far.

The stock hit a 52-week high of ₹1,608.95 on July 8 last year and has plunged 31 per cent from that level to its 52-week low today.

Brokerages positive on RIL stock for long-term

Recently, global brokerage Goldman Sachs maintained a bullish stance on the stock, reiterating its 'buy' rating with a price target of ₹1,640 per share.

Goldman Sachs notes that while RIL’s net asset value (NAV) discount has moderately improved, it remains wide relative to historical averages. The brokerage attributes this to muted EBITDA growth in FY25 and a continued earnings downgrade cycle driven by slower retail expansion and low margins in refining and petrochemicals over the last three quarters.

Reliance stock: What do tech charts indicate?

Jigar S. Patel, Senior Manager of Equity Research at Anand Rathi Share and Stock Brokers, explained that Reliance has broken below the key support level of ₹1,200 and is trading near ₹1,145.

According to Patel, support is seen around ₹1,100 and ₹1,050, while resistance levels are placed at ₹1,200 and ₹1,300.

"Based on the current chart structure, we anticipate a phase of consolidation within the ₹1,100–1,200 zone before a directional move emerges. Long-term investors may consider accumulating near the identified support levels, whereas traders are advised to stay cautious due to elevated volatility," said Patel.

Read all market-related news here

Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions, as market conditions can change rapidly, and circumstances may vary.