Reliance share price: Reliance Industries shares declined around 1.5% on Thursday, October 22, even as Mukesh Ambani-led Jio Platforms’ initial public offering (IPO) drew strong investor demand. The stock’s decline came amid weakness in the broader market. Both Sensex and Nifty fell over 0.5% each.
Jio Platforms’ ₹30,213-crore IPO was fully subscribed within approximately 100 minutes of opening on Wednesday, October 21, making it the fastest among India’s mega IPOs to achieve full subscription.
The stock has remained under pressure over the past year, with technical indicators pointing to crucial support levels. Meanwhile, market experts differ in their assessment of the recovery prospects, making the stock’s next move an important watch for investors.
Reliance Industries share price trend: Stock slips towards 52-week low
Reliance Industries shares fell around 1.5% to an intraday low of ₹1,190 apiece on the BSE. The stock is now approximately 26% below its 52-week high of ₹1,611.20, recorded in January 2026. Meanwhile, it is now just over 3% away from its 52-week low of ₹1,152.30 on October 13.
The stock has declined 4% over the past month, 7% in three months and 12% in six months. Its losses have exceeded 18% over the past year, highlighting the sustained pressure on the shares despite the attention surrounding the Jio Platforms IPO.
Reliance share price target: Should you buy, sell or hold?
Reliance Industries shares have remained under pressure despite the strong response to Jio Platforms’ IPO, leaving investors weighing the stock’s recovery potential against continued technical weakness
Monarch Networth Capital has recommended accumulating Reliance Industries shares in the ₹1,180–1,220 range, with a target of ₹1,350–1,450 over the next three to four months. The brokerage has advised a stop loss below ₹1,100 on a closing basis.
According to Monarch Networth Capital, the stock had rallied towards ₹1,600–1,620 before entering a multi-month correction. It subsequently established support around ₹1,150–1,180, where a potential triple-bottom reversal pattern has emerged, suggesting that selling pressure could be easing.
At the upper end of the brokerage’s target range, the stock offers potential upside of approximately 22% from its intraday low of ₹1,190.
Aditya Thukral, founder and analyst at AT Research and Risk Managers, said the stock had shown signs of reversing its downtrend, although a sustained uptrend was yet to be confirmed. He said the formation of higher highs and higher lows would be necessary to establish a stronger reversal.
“The stock has just broken the lower high of a smaller degree, and the complete reversal in prices would only be seen above 1333. Till then, the rallies will be called corrective and continue to provide exit/shorting opportunities,” Thukral said.
He identified ₹1,223.70 as an important level, noting that the break above it had provided an exit signal for short positions. He added that the stock’s subsequent price action would determine whether the reversal gained strength.
Thukral also cautioned that the stock remained in a no-trading zone at the time of his assessment, with a confirmed shift in trend dependent on the emergence of higher highs and higher lows.
Jio IPO details: ₹30,213-crore issue subscribed 3 times on Day 1
By the end of the first day, the issue had been subscribed 3.01 times, with investors bidding for 59.44 crore shares against 19.75 crore shares on offer, according to exchange data.
The IPO opened on October 21 and will close on October 23. The allotment process is expected to be finalised on October 26, while the shares are scheduled to list on the BSE and NSE on October 28.
Jio Platforms has set a price band of ₹1,065–1,119 per share. At the upper end, the company is valued at approximately $108.3 billion, or ₹10.3 lakh crore. The offering is expected to become India’s largest IPO by issue size, surpassing Hyundai Motor India’s ₹27,800-crore IPO launched in October 2024.
The company plans to raise funds through a fresh issue of 27 crore shares, equivalent to around 2.9% of its post-issue equity capital, according to Bloomberg calculations. Most of the proceeds will be used to repay or prepay borrowings of Reliance Jio Infocomm, its telecom subsidiary, with the balance allocated to general corporate purposes.
The issue also provides a reservation of up to ₹500 crore for eligible employees, who are entitled to an approximately 5% discount. Eligible Reliance Industries shareholders also have a reserved portion of the offering.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
