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Index heavyweight Reliance Industries (RIL) touched a 52-week low on Thursday. The scrip closed down 3.5 per cent to end the day at Rs 712.90 on the BSE and on the NSE, the stock closed at Rs 711.90.
The broader market too showed a decline with the Sensex falling 1.2 per cent.
“The stock has been under constant pressure. The business scenario for the company is a bit dull and neither the gas nor the petrochemical business is doing well,” said Mr Sunil Jain, VP-Equity Research, Nirmal Bang.
RIL touched a 52-week low of Rs 709 on the BSE and Rs 707.20 on the NSE, during the day's trading session. The scrip touched the day's high of Rs 739.40 on the BSE and Rs 739 on the NSE.
RIL is the second largest by weightage (10 per cent) among the Sensex stocks after Infosys. On December 12 this year, Infosys replaced Reliance as the number one stock. Reliance had held the mantle since December 2006 in the Nifty.
Analysts say that the company's prospects look shaky in the short-term and the stock may fall further if the markets refuse to hold up.
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