Why Reliance share price may see Infosys like sell off on Monday — explained
Indian stock market on Friday last week. However, for information to our readers, Reliance shares don't trade on Dalal Street only. Reliance Industries Limited or RIL shares are listed on London Stock Exchange (LSE) as well.
On LSE, Reliance GDR price ended around 6 per cent lower at $62.70 levels after making an intraday low of $62.20 during Friday deals at LSE. So, after the announcement of Reliance Q1 results 2023, Reliance GDR price nosedived to the tune of 6 per cent. According to stock market experts, Reliance GDR prices falling to the tune of 6 per cent in single trade session is not a good sign for Reliance shares listed on Dalal Street.
This may trigger heavy sell off RIL share price when the Indian stock market reopens on Monday after the weekend close. They went on to add that Reliance Industries has declared Q1 results without any surprise. RIL declared 10 per cent dip in net profit that may also put pressure on the Sensex heavy weight.
After Jio Financial Services Ltd or JFSL demerger, Reliance share price was already under pressure as the stock ascended to an overbought condition because retail investors bought RIL shares to get Jio Financial Services shares as reward. After Reliance GDR price crash at London Stock Exchange, stock market experts expected Infosys share like sell off in Reliance share price on Monday once the Indian market re-opens after the weekend close. Expecting Infosys shares' like sell off in Reliance share price, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "Reliance Q1 results were announced after the closure of Indian stock market but Reliance GDR was trading at London Stock Exchange when the RIL Q1 results 2023 was announced.
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