RIL tumbles over 7%; TCS becomes most-valued firm
Shares of RelianceNSE -9.58 % Industries took 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 7.33 per cent to Rs 1,177. With the crash, the market cap of RIL fell below that of TCS, at Rs 7.46 lakh crore. The market values TCSNSE -5.61 % at Rs 7.61 lakh crore.
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.
