Reliance Industries shares drop nearly 3%

New Delhi: Shares of Reliance Industries on Monday fell nearly 3%, wiping out Rs 50,205.1 crore from market valuation and dragging the benchmark equity indices lower.

The bellwether stock dropped 2.77 per cent to settle at Rs 1,302 apiece on the BSE. During the day, it lost 4 per cent to Rs 1,285.10.

At the NSE, it went lower by 2.72 per cent to Rs 1,302.15.

The company's market valuation eroded Rs 50,205.1 crore to Rs 17,61,914.95 crore.

Markets were dragged down by weak trends in Reliance Industries' stock. The BSE Sensex tumbled 941.88 points, or 1.18 per cent, to settle at 78,782.24, the lowest closing level since August 6. During the day, it slumped 1,491.52 points, or 1.87 per cent, to 78,232.60.

The NSE Nifty tanked 309 points, or 1.27 per cent, to 23,995.35.

In traded volume terms, 13.52 lakh shares of the firm were traded at the BSE and 197.97 lakh shares on the NSE during the day.