Bad news for Mukesh Ambani as loses Rs 660000000000 due to…, not US, but EU finds way to kill Russian oil
In recent weeks, former U.S. President Donald Trump had made statements of curbing trade in Russian oil, but they had little impact on countries like India and China. However, the EU's latest decision has given a serious blow to Mukesh Ambani. On Monday, after the EU's announcement, Reliance Industries Ltd (RIL) shares declined over 3%, wiping out more than Rs 66,000 crore in market capitalisation.
The new EU rule bans the import of Russian oil, even if it is refined in a third country like India. This directly affects companies like Reliance Industries, one of India's largest exporters of refined crude oil products to Europe. India's Oil Trade With Russia and Europe
According to reports, India exported $19.2 billion worth of petroleum products to the EU in FY24. However, in FY25, this number dropped by 27.1% to $15 billion, after growing scrutiny over the origin of crude used. At the same time, India imported $50.3 billion of crude oil from Russia in FY25, so Russian oil now accounts for over 44% of India's total crude basket. Big Blow To Reliance Industries
The impact can be seen on Reliance Industries, which has become the largest importer of Russian crude oil. In December 2024, RIL signed a 10-year deal with Russia's Rosneft to import around 500,000 barrels per day of Russian crude at around $13 billion annually. This move helped RIL to refine the cheaper Russian crude and export the high-margin products, especially diesel, to Europe.
As of October 2024, Reliance was importing an average of 405,000 barrels per day from Russia which was over one-third of its total crude oil intake. With Russian crude priced $3–4 per barrel cheaper than Middle Eastern grades, RIL had been benefiting from healthy refining margins and strong demand in European markets. But the EU's ban has now threatens this business model. Reliance Industries Lost 66,000 Crore
After the EU's decision, Reliance shares fell sharply. On the BSE, RIL stock closed at Rs 1,428.20, down 3.29% from the previous close. During the session, it hit a day's low of Rs 1,423.05. The stock had opened at Rs 1,474.95, slightly below its previous close of Rs 1,476.85.
The decline resulted in a massive hit to Reliance's market capitalisation. On Friday, the company's market cap was at Rs 19,98,543.22 crore. By the end of Monday's trading session, it had fallen to Rs 19,32,707.74 crore which was a drop of Rs 65,835.48 crore in a single day.
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