Reliance Industries loses $15B in m-cap amid retail, oil concerns
09 Jan 2026

Reliance Industries Ltd. has witnessed a dismal start to 2026, with its shares plummeting over 6%.

The decline is largely due to fears of a slowing retail sector and the US's tough stance on India's purchase of Russian oil.

The selloff has already erased nearly $15 billion from the company's market value, making it one of the worst starts for Reliance in recent years.

Concerns over retail demand and US oil stance
Market impact

The pressure on Reliance's stock intensified this week after some of India's biggest retailers reported weaker-than-expected consumer demand.

This has raised fears that Reliance, a major player in the retail sector, could also be facing a similar slowdown.

The situation worsened further when US Senator Lindsey Graham introduced legislation targeting countries buying Russian oil.

Reliance's stock faces steepest weekly decline in 15 months
Share performance

The combination of these factors has pushed Reliance's shares to a weekly decline of over 7%, the steepest drop in more than 15 months.

This comes after an almost 30% rally in Reliance shares last year, driven by expectations that the oil-to-telecom conglomerate was preparing to list Jio Platforms Ltd. in what could be India's biggest initial public offering (IPO).

Analysts predict slower retail growth, strong energy business
Future outlook

Goldman Sachs analysts expect Reliance's retail business to report slower growth for the quarter ending December due to lower discretionary spending.

However, they believe this slowdown will be offset by strong growth in the company's energy business.

Despite concerns about refining exposure to Russian crude and softer retail growth momentum across peers, analysts expect Reliance's refining margins will be supported by tight product markets through next year.

Reliance's stock retains buy recommendation from analysts
Analyst confidence

Despite the recent selloff, Reliance's stock still carries a buy recommendation from 35 analysts, the most among global oil and gas firms with market values over $100 billion.

Even after this downturn, the shares have about 16% upside potential over the next 12 months based on consensus target price, according to data compiled by Bloomberg.