Reliance investors lose Rs 10,856 crore

Extending its losing streak for the third consecutive session, energy major Reliance Industries fell by 1.6 per cent on the Bombay Stock Exchange on Thursday, dragging the broader Sensex down by 80.71 points.

Heavy profit-booking caused shares of Reliance Industries (RIL) to fall by 1.6 per cent to Rs 1,002.95 on the BSE, which was the major contributor to the benchmark Sensex's fall.

"The laggardly performance of the stock is driven by heavy profit-booking and dearth of fresh buying by investors," Geojit BNP Paribas Research Head Alex Mathews said.

The Mukesh Ambani-controlled firm had declined by 1.32 per cent to Rs 1,019.25 on Wednesday.

The energy major has shed 3.53 per cent on the BSE in the past three straight sessions, translating into a wealth erosion of Rs 10,856.16 crore (Rs 108.56 billion) and bringing down its market capitalisation to Rs 3,29,200 crore (Rs 3.29 trillion) at the end of trade today.

On the National Stock Exchange, the scrip saw a similar downtrend and closed 2.27 per cent down at Rs 996.90.

However, bucking the overall weak trend in the market, oil and gas major ONGC jumped by 1.82 per cent to Rs 1,426, making it the major gainer in the Sensex pack.

ONGC had yesterday made two discoveries in the Krishna- -Godavari and Cambay basin and notified a gas find in the Vygreswaram Southwest-1 well of the KG onshore to the Directorate General of Hydrocarbons (DGH).

Oil and gas companies ended the day on a mixed note, with BPCL down by 0.13 per cent and Cairn India by 1.83 per cent, while IOC was up by 0.39 per cent and HPCL by 0.41 per cent.

The BSE benchmark Sensex ended Thursday's session on a weak note, shedding 80.71 points to 19,861.01.