Reliance share price jumps 3% today. Is it undervalued after recent correction?
Reliance Industries Limited (RIL) shares rose sharply on Friday after remaining under selling pressure for a long time. The company’s stock was up 3.41% to Rs 1,251.80 on the Bombay Stock Exchange (BSE) at 11:56 am. However, it is still down over 20% compared to its 52-week high of Rs 1,608.95.
Given the situation, it wouldn’t be wrong to say that the RIL stock had been in a slump for a long period. One of the major reasons behind the slump is foreign institutional investor (FII) outflows due to a retail slowdown and weak refining margins.
While the stock has witnessed a period of prolonged correction, it has recovered nearly 6% in recent sessions. And investors are wondering whether it is a good time to buy the stock or avoid it.
