Shares of Reliance Industries Ltd. (RIL) tumbled more than 5% on Tuesday, marking their steepest decline in over eight months, after reports said CLSA removed the stock from its India model portfolio.  

The oil-to-telecom major declined as much as 5.1% intraday to ₹1,496.3 per share—its biggest single-day fall since April 7 last year. Losses later narrowed, with the stock trading 4.3% lower at ₹1,508.3 as of 11:42 AM, even as the Nifty 50 slipped just 0.26%. The stock had touched a record high of ₹1,611.8 on Monday. 

CLSA drops RIL from its India model portfolio 

According to a Bloomberg report citing a CLSA note, the brokerage dropped RIL from its India model portfolio in favour of consumption, rate-sensitive, and IT stocks. CLSA added Eternal and DMart to the portfolio in place of Reliance Industries.  

RIL shares declined for a second consecutive session and were trading at about 6.5 times their 30-day average volume, according to Bloomberg data. Despite the recent slide, the stock has gained 26% over the past year, outperforming the Nifty 50’s 11% rise. The company’s market capitalisation stands at ₹20.6 lakh crore. 

At 1.19 PM on Tuesday, the shares of RIL were trading 4.6% down at ₹1,505.20 on the BSE. 

RIL refutes report on Russian crude 

In a separate development, RIL has rejected a Bloomberg report claiming that three tankers carrying Russian crude were bound for its Jamnagar refinery in Gujarat, calling the report “blatantly untrue” and expressing concern that the article had harmed the company’s reputation. 

In a statement posted on X, RIL said its Jamnagar refinery has not received any Russian crude in the past three weeks and does not expect any such deliveries in January 2026.  

The company added that vessel-tracking signals indicate only potential destinations and do not confirm actual purchases or deliveries.  

Bloomberg reported on January 2 that three vessels carrying around 2.2 million barrels of Russian crude were headed for Jamnagar, citing vessel-tracking data from Kpler, which monitors ship movements and projected destinations. The report suggested that Reliance may have resumed Russian crude imports after scaling them back amid US sanctions. 

A potential US takeover of Venezuela’s oil industry could benefit Reliance Industries and ONGC, according to analysts at Jefferies. The move could lead to the lifting of sanctions on Venezuelan crude sales, allowing Reliance to source heavy crude at a discount to Brent and supporting its gross refining margins, the report said.