Reliance Industries’ shares a beating in Monday’s trade as crude oil prices plunged over 25 per cent in the international market following a fallout in Opec talks. Shares of the company tumbled 13 per cent to Rs 1,105, falling most since October 2008. With the crash, the market cap of RIL fell below that of TCS, at Rs 6.97 lakh crore. The market values TCS at Rs 7.31 lakh crore. Shareholders of the company lost over Rs 1.08 lakh crore in a single day. Crude prices fell as much as 31 per cent following the Saudi move to start a price war after Russia balked at further making steep output cuts proposed by Opec to stabilize oil markets hit by worries over the global spread of the coronavirus.
Brent crude futures were down $11.31, or 25 per cent, at $33.96 a barrel by 0319 GMT, after earlier dropping to $31.02, their lowest since February 12, 2016. Brent futures are on track for their biggest daily decline since January 17, 1991, at the start of the first Gulf War.
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The plans have boost to its crude output in Saudi Arabia above 10 million barrels per day (bpd) in April after the current deal to curb production expires at the end of March, sources said.