Reliance shares hit 10-month low after export-duty levy

What happened to Reliance Industries stock

Reliance Industries Ltd (RIL) slipped 4% on the National Stock Exchange (NSE) in Monday’s intraday trade, hitting an over 10-month low of ₹1,300.20. The decline pushed RIL’s market capitalisation below ₹18 trillion, according to the report. The stock has been under pressure in recent sessions, with investors focusing on policy changes affecting fuel exports.

How far has the stock corrected from its peak

RIL has corrected 19% from its 52-week high of ₹1,611.80, which was touched on January 5, 2026. The latest move extends the recent decline, as the stock is down 8% over the past five trading days. The market reaction has been closely tied to concerns around margins in the company’s refining business.

The policy trigger: export duty on key fuels

The immediate overhang has been the government’s decision to levy export duty on petrol, diesel, and aviation turbine fuel (ATF, or jet fuel). The announcement raised questions about the profitability of exporting refined products at a time when export realisations and margins are closely watched.

What the government announced and when

On Friday, March 27, 2026, Union Finance Minister Nirmala Sitharaman said the government would levy duties of ₹21.5 per litre on diesel and ₹29.5 per litre on ATF. The stated objective was to “ensure adequate availability of these products for domestic consumption”. The report also described the move as an imposition of a windfall tax of ₹21.5/₹29.5 per litre on HSD/ATF exports.

What analysts flagged on refining margins

Analysts at Motilal Oswal Financial Services (MOFSL) estimated an impact of about ~$1 per barrel on overall gross refining margin (GRM), based on the assumption that the tax is not applicable on RIL’s SEZ volumes. The note referenced that such applicability had been limited earlier, and was applicable only for an initial fortnight post the Russia-Ukraine war. While the estimate is directional, it helped frame the near-term risk investors are pricing in.

Broader market context during the fall

The move in RIL took place even as the benchmark index was relatively steady. The BSE Sensex was up 0.41% at 22,619.45 at 11:00 AM, according to the data cited. The relative underperformance of RIL versus the broader market highlighted that the selling pressure was stock-specific and linked to refining margin concerns.

Key facts at a glance

Market impact: what this means for investors

The export duty announcement has shifted the near-term conversation to refining profitability and the sustainability of margins from fuel exports. RIL’s sharp fall, combined with a decline over five sessions, indicates that investors are quickly repricing the earnings sensitivity to policy decisions. The stock’s drop below an important psychological market-cap milestone of ₹18 trillion also adds to sentiment pressure, even though the report did not provide a precise market-cap figure.

What to watch next

Investors will track whether the export duties remain in place and how they influence refining economics across diesel and ATF exports. Market participants will also watch for any clarity on the applicability of the tax to SEZ volumes, given MOFSL’s assumption in its estimate. For now, the key confirmed datapoints are the duty rates, the stated policy intent, and the stock’s sharp correction from its January peak.

Conclusion

RIL’s 4% drop to ₹1,300.20 and its 19% correction from the January high reflect concerns that new export duties could weigh on refining margins. The next cues are likely to come from policy implementation details and market assessment of GRM impact, including how volumes are treated under SEZ rules.