Reliance Industries shares fell to ₹1,174.50 before rebounding Monday, LiveMint reported.
LiveMint said the low was recorded on India's National Stock Exchange (NSE). It also reported that the Nifty 50 and BSE Sensex began the session lower for a fifth straight day.
U.S. Secretary of State Marco Rubio said in Mumbai on Oct. 20 that he planned to discuss additional Venezuelan crude processing with Reliance the next day. He cited the company's past experience with heavy crude and said sanctions could complicate an expansion.
Reliance said its Oct. 21 meeting covered energy cooperation, supply chains, technology and data centers. Its statement announced no Venezuelan crude supply agreement, volume, production plan or financial terms. Any business benefit would depend on an arrangement that proved commercially viable; the statements put no figure on possible gains or costs.
Reliance's annual report showed it held 66.43% of Jio Platforms as of March 31, 2026. In an Oct. 14 filing, Reliance said Jio Platforms' IPO committee approved a proposed price band of ₹1,065 to ₹1,119 per share. Those prices apply to Jio shares, not Reliance stock.
The historical precedent dates to Oct. 3, 2012, when Reliance said it had signed a 15-year supply contract with Petroleos de Venezuela, SA (PDVSA) for daily deliveries of 300,000 to 400,000 barrels to its Jamnagar refineries. Separately, the companies agreed to examine Reliance's possible upstream involvement in Venezuelan heavy-oil projects. Those past arrangements do not establish a current deal.
LiveMint also cited Jio's value and diesel-market conditions among arguments for Reliance shares, but gave no numerical target for the parent stock. Rubio had identified the Oct. 21 discussion as a next step; Reliance's post-meeting statement did not set a later date for another decision or meeting.
