RIL stock sheds morning gains as BSE Sensex tumbles over 600 points

The Reliance Industries (RIL) stock shed early morning gains in trade on Tuesday amid a weak market. While the BSE Sensex tanked over 600 points, the RIL stock was trading flat at Rs 2,765.25 apiece at 12 noon. Nearly 80,000 shares exchanged hands on the BSE, as investors remained cautiously optimistic about the stock.

RIL, says a report by Citi Research, is the biggest beneficiary of rising crude oil imports from Russia. Among refiners, RIL's high product export ratio, and relatively minor domestic retail operations, with added benefits from sourcing discounted crude would aid its gross refining margins, Citi said