Sensex, Nifty fall as IT stocks slide, rising oil prices weigh

Against that, the stock is -3.2% on the day at ₹1,158.00, and has returned -8.7% over three months. It sits 27% below its 52-week high, which means a good deal of bad news was already in the price. The oil & energy sector has moved -4.8% over the same period, so Reliance Industries is running 3.9 points behind its peers.

This is an Input cost / crude event. India imports most of its crude, so input costs pass through to margins downstream and to the rupee. Producers and consumers of the same input move in opposite directions. On the day the stock is -3.2%, so the market took notice.

For Reliance Industries, the question is how much of this is already reflected in the price and how much re-rates the oil & energy peer set alongside it.