India, Jan. 7 -- Shares of Reliance Industries fell by over 4 per cent on Tuesday as investor concerns mounted over rising competition in the retail sector and uncertainty around the company's crude oil sourcing, including its recent halt of Russian oil supplies, triggering its sharpest fall since June 2024.

The stock of the Mukesh Ambani-led conglomerate closed 4.5% lower, wiping out more than $10 billion in market capitalisation. Reliance's fall also dragged benchmark indices lower, given its heavy weightage, with the Sensex and Nifty ending the session in the red.

The global oil market is going through an uncertain phase after US attacked Venezuela and said that they will now control and regulate their oil supplies.

Investor anxiety...