Following a statement issued by Reliance Industries Limited (RIL) on January 6 regarding the purchase of crude oil from Russia, the company’s shares fell by more than 4%.
SNPNEWS.IN News (Gurmail Kamboj): India’s largest private sector oil refining company, RIL, refuted claims made in certain media reports (particularly Bloomberg) alleging that RIL was purchasing crude from Russia and that three ships loaded with Russian crude oil were heading toward the Jamnagar refinery. The company clarified that the Jamnagar refinery has not received any Russian oil in the past three weeks and no deliveries are expected in January either. Following this statement, there was a sharp decline in the company’s shares.
On January 6, the shares fell by approximately 4.5%, marking the biggest single-day drop since June 2024. The company’s market capitalization suffered a loss of approximately ₹1 lakh crore (or $10 billion). This dealt a major blow to investors, as RIL is India’s largest company, and its decline also impacted the overall market. Additionally, increasing competition in the retail sector and profit booking contributed to the fall. On January 7, the company’s shares closed with some recovery but remain under pressure. As of January 8, 2026, the share price is trading around ₹1500.
Read It: RIL is not buying Russian oil, impact of Trump’s threats
Furthermore, a statement made by US President Donald Trump on January 7 during the American House GOP Member Retreat has become a topic of discussion.
Trump claimed that Indian Prime Minister Narendra Modi had requested a meeting with him and addressed him as “Sir.” Trump said that India had ordered 68 Apache helicopters, but there was a 5-year delay in delivery. Modi told him, “Sir, can I meet you?” and Trump said he agreed to the meeting by saying “yes.”
Trump also stated that he has a good relationship with Modi and that Modi wants to keep him happy, especially in matters related to tariffs and trade. During this, he also issued a warning about increasing tariffs due to India’s purchases of Russian oil.
This statement has sparked discussions on social media, where some people and the opposition in India are trying to portray Modi as weak, while the ruling side views it as Trump’s typical manner of speaking.