Reliance Industries (RIL) has hit multi year low of Rs 884.10. Reliance has touched an intraday high of Rs 901.00 and an intraday low of Rs 884.10. The heavyweight shut shop at Rs 887.55, down Rs 13.00, or 1.44%.
The stock has underperformed the benchmark indices in the same period. Reliance shed 11% while BSE Sensex surged 24% in the same period.
The stock closed below Rs 900 mark on higher volumes, a worrying factor. It clocked volumes of 5,707,528 shares, compared to its 5-day average of 4,026,955 shares, an increase of 41.73%.
The company touched its 52-week high of Rs 1,124.90 on 01 Nov, 2010. Currently, it is trading -21.1% below its 52-week high.
The market capitalisation now stands at Rs 290,528.31 crore well below 3 lakh crore mark.
Next support level?
Jai Bala, Chief Market Technician, Cashthechaos.com is of the view that below Rs 890, Reliance Industries may slip to Rs 750.
Bala told CNBC-TV18,
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