Shares of Reliance Industries (RIL) fell 3% to a 10-month low of Rs 2,312 in intraday trade on Friday, amid heavy trading amid a sharp sell-off in shares. Shares of the country’s largest companies were trading at their lowest levels since March 2022 in the market capitalisation. It hit a 52-week low of Rs 2,181 on March 8, 2022.

RIL was quoted 2.5% lower at Rs 2,323.70 at 2:39 pm, while the S&P BSE Sensex was down 1.9%. The company’s shares have fallen 15% since December. It has corrected 19% from its 52-week high of Rs 2,855 on April 29, 2022.

In a post-earnings conference call, Mukesh Ambani-led RIL warned of the impact of global economic headwinds on energy demand. Responding to growing concerns about an economic slowdown internationally, including rising interest rates and contracting Purchasing Managers’ Index (PMI), the company’s management warned in a post-earnings conference call that these factors could hurt overall oil demand in the future.

RIL’s consolidated total debt rose to Rs 3.03 trillion at the end of the December quarter (Q3FY23) from Rs 2.95 trillion at the end of the September quarter (Q2FY23), with cash and cash equivalents at Rs 1.93 trillion. Meanwhile, net debt stood at Rs 1.1 trillion (according to company data).