Reliance Industries (RIL) fell 1.71% to Rs 2064.45, extending decline for the sixth day in a row.
Shares of the index heavyweight have lost 5.78% in six sessions from its recent closing high of Rs 2,191.10 recorded on 8 March 2021.
In the past six months, the stock has declined by 10.20% while the benchmark Sensex had gained 28.48% during the same period.
On the technical front, the stock's RSI (relative strength index) stood at 46.424. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading above its 50-day, 100-day and 200-day daily simple moving average (SMA) placed at 2022.79, 2003.50 and 2009.43, respectively.
Earlier this month, the conglomerate's telecom arm Reliance Jio Infocomm successfully acquired the right to use spectrum in all 22 circles across India in the recently concluded spectrum auctions conducted by Department of Telecommunications, Government of India.
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With these acquisitions, Jio's total owned spectrum footprint has increased significantly, by 55%, to 1,717 MHz (uplink+ downlink).
RIL said that has very well-balanced spectrum for LTE Services and future upgradation to 5G Technology. Jio has achieved complete spectrum derisking with average validity of owned spectrum at 15.5 years.
RIL is India's largest private sector company. Its activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services.
On a consolidated basis, the company reported 12.5% rise in net profit to Rs 13,101 crore on 23.12% decline in net sales to Rs 117,860 crore in Q3 December 2020 over Q3 December 2019.
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