Reliance Industries shares fell for the third consecutive day. The stock reached close to its 52-week low, which is not free from danger.
The biggest reason for this is that the Oil Ministry has claimed $2.81 billion on PSC contractors, which includes Reliance, BP and NIKO.
The Delhi High Court ruled against Reliance and its partners regarding gas extraction in the KG D6 block.
Talking about the company's stand, Reliance said that the court's decision and the demand for payment are invalid. The company will challenge this decision.
Reliance shares have declined 22% in the last one year. In the last 6 months, it has come down 23%, which has become a big challenge for Reliance.
According to analysts, the bearish trend continues in Reliance shares. Breaking below the level of ₹ 1,200 has increased the selling pressure, which can push it down even further.
Analysts say that the stock can be expected to improve only after it goes above the level of ₹ 1,200, if it does not happen then there is a danger for Reliance.