Reliance Industries Limited (RIL) has strongly refuted a news report linking a recent decline in its share price to imports of Russian crude oil. The conglomerate informed the Bombay Stock Exchange (BSE) on Tuesday that there was no connection between the two events.
Company's Firm Denial and Statement
In an official statement posted on the social media platform X, the company categorically denied the claims. Reliance stated that its massive Jamnagar refinery has not received any cargo of Russian oil in approximately the last three weeks and is not expecting any deliveries in January. The company emphasized that it had not purchased any crude from Russia for January delivery.
Bloomberg Report and Subsequent Clarification
The controversy stemmed from a Bloomberg report which indicated that at least three tankers carrying nearly 2.2 million barrels of Urals crude, a grade of Russian oil, were heading towards the Sikka port. This port is a key entry point for a significant portion of the oil imports for RIL's Jamnagar refinery complex.
Reliance labeled the initial report as "blatantly untrue," noting it was published despite the company's prior denial. Following this, Bloomberg updated its article to clarify that the Russian oil cargoes earlier linked to Reliance were actually discharged at other locations and were not associated with the Jamnagar refinery.
Market Reaction and Share Price Movement
The market had reacted sharply to the initial news. Shares of Reliance Industries fell by 4.4% on the BSE during Tuesday's trading session. The company's swift clarification aimed to address investor concerns and separate its operations from the geopolitical narrative surrounding Russian oil.
This incident highlights the sensitivity of financial markets to news related to major corporations and global commodity trades, especially in the current geopolitical climate. Reliance's prompt response underscores its effort to maintain transparency with its shareholders and the market regulators.
