Stock fall not linked to reports of Russian oil imports: RIL

NEW DELHI: Reliance Industries informed the BSE on Tuesday that there was no linkage between the fall in its share price and the news report on Russian oil imports, and that it had not purchased any crude from Russia for delivery in January.

Bloomberg had earlier reported that at least three tankers carrying nearly 2.2 million barrels of Urals crude (a grade of Russian oil) were headed towards the Sikka port, from where RIL's Jamnagar refinery sources a significant portion of its oil imports. Reliance said the report was published despite its prior denial and was "blatantly untrue". Bloomberg later updated the article to clarify that the Russian oil cargoes earlier linked to Reliance were discharged at other locations and were not associated with Reliance's Jamnagar refinery.

"Reliance Industries' Jamnagar refinery has not received any cargo of Russian oil in the past three weeks approximately and is not expecting any Russian crude oil deliveries in Jan," the company said in a statement on X.

RIL shares fell 4.4% on the BSE on Tuesday.