January has proved challenging for Reliance Industries, as persistent selling pressure pushed the stock to levels not seen in several years. India’s most valuable listed company, with a market capitalisation of nearly $210 billion, has lost over 11% in value in the past month alone, marking its worst January performance since 2011 and erasing nearly $29 billion in market capitalisation.
The decline has come despite Reliance’s status as a heavyweight stock and a long-term favourite among institutional and retail investors. The selling has intensified after the company’s Q3 earnings failed to meet expectations, triggering concerns across multiple business segments, including oil-to-chemicals (O2C), retail and telecom.
The O2C business has faced pressure due to reduced Russian crude imports and higher freight costs, while the retail arm disappointed with slower revenue growth and margin compression amid aggressive discounting and investments in quick commerce. At the same time, investors remain cautious ahead of the planned listing of Jio Platforms, even as analysts see it as a potential long-term value unlock.
Despite the sharp correction, many brokerages believe the stock has entered an oversold zone and see the fall as an opportunity rather than a structural red flag. With strong fundamentals, diversified operations and improving visibility in digital, energy and new energy businesses, analysts expect Reliance to stabilise once near-term uncertainties ease.
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