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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
12 minutes ago
- Time of India
Is Rs 75 lakh worth the tax? Reddit user earning Rs 48 lakh hesitates to accept new job offer
A Reddit user's high-salary dilemma ignited online debate. The user questioned accepting a Rs 75 lakh job due to increased taxes. Currently paying Rs 12 lakh, taxes would double with the new income. The user asked why work harder to pay more taxes without added benefits. Other users trolled the post, calling it 'stupid' and 'suffering from success'. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Here's what other users said A Reddit user earning Rs 48 lakh, who has received a job paying Rs 75 lakh has a dilemma that has sparked an online debate on the platform. In the post, the user claims to have 20 years of experience but is hesitant to accept the new job because of the massive rise in tax t hat comes with the higher the user pays around Rs 12 lakh in income tax and with the new salary, the tax would nearly double to Rs 22 lakh, mainly because of the 10% surcharge applicable on income exceeding Rs 50 lakh under India's personal income tax gross jump in salary looks good but the effective gain in take-home pay is only about 50%, after a major chunk is paid in post added that the new offer does not come with flexibility to include tax-saving components, such as allowances or benefits, which could have reduced the posed a single question that has the Reddit community in discussion: 'Why should I work significantly harder just to pay more to the government, without receiving any additional tangible benefits compared to those who pay little or no tax?'Internet users trolled the post for being "profoundly stupid" and said that he was suffering from some explained why the user should accept the job, others bluntly called him 'stupid'.'Ye kya suffering from success post hai bhai? We don't reply to such issues cause we don't have the experience of success,' an irritated user said.'So... You're taking home 50% more pay than you are right now, but you don't want that because you'll be paying more in taxes? Give me your problems, bro,' another user a sarcastic jibe, one user said, 'Quit your job. Will decrease tax burden by 100%''It's been a while since I read something this profoundly stupid,' added another.'This is a very stupid question. Specially from someone with 20 years of experience. I'd expect this from a fresher,' said another user. 'Just extremely extremely stupid. I don't know why but I'm actually offended at this,' the user added.'If you want to rant about tax it's fine. But your premise that 'I'd get a 50% salary bump, should I take the job?' Is so so so stupid,' they being criticised for the post, the user replied: "Most of the comments are missing the point: Why slog your a** off and pay double the tax to the government, when you do not get any additional benefits from the government compared to a non-taxpayer? Does it not rile you all internally?"
The Hindu
12 minutes ago
- The Hindu
‘Government-run school for children with special needs to be established in Madurai'
A government-run school for children with special needs should be started in Madurai, said a resolution of the Tamil Nadu Association for Rights of Differently abled and Caregivers. During TARATDAC's fifth Madurai district conference here on Sunday, S. Namburajan, State vice-president, TARATDAC, said that the need for a school for children with special needs, administered by government itself was essential as most of the parents with such children could not afford the exorbitant fees demanded by private schools. In addition, technical education to parents and children with special needs should be given through government institutions, he added. It would not only provide them with qualifications but also empower the parents to earn money for themselves and their children, he noted. 'The ceiling of assistance given to the guardians or parents of children with special needs should be relaxed and they should be supported with monthly assistance and a tailoring machine,' Mr. Namburajan said. 'Madurai railway station, which is currently under renovation, is being used by thousands of people from various parts of the State and the country every day. Of them, many would hundreds would be differently abled people and elders,' he noted. To facilitate seamless movement for such people, the Railway Department should ensure that ramps were made at necessary facilities, and lifts were operated for those who could not use the stairs. 'Regardless of the needs, as per the Rights of Persons with Disabilities Act, 2016, the entire infrastructure should be differently abled friendly,' he emphasized. To enhance the livelihood of people with disabilities, the district administration should consider according 5% reservation to them in government managed commercial complexes, he said. A. Balamurugan, district secretary, TARATDAC, said that under Indira Gandhi National Old Age Pension Scheme, the Union government provides only Rs.300 as its share. 'As the same amount is being given for more than 10 years, it should be revised and increased to at least ₹5,000,' he added. Akin to neighbouring States like Andhra Pradesh, and Union Territories like Puducherry, Tamil Nadu government should also increase minimum monthly assistance for differently abled people to ₹6,000, and ₹10,000 for people with severe disabilities and ₹15,000 for bed-ridden differently abled people, Mr. Balamurugan noted.
Economic Times
12 minutes ago
- Economic Times
Indian economy has look and feel of 'steady as she goes' for FY26: Finance ministry
ANI Representational image Indian economy has the look and feel of "steady as she goes" for the current fiscal, the finance ministry said on Monday even as it flagged slowing credit growth. In its monthly economic review, the ministry said the first quarter of fiscal 2025-26 (FY26) presents a picture of resilient domestic supply and demand fundamentals. With inflation remaining within the target range and monsoon progress on track, the domestic economy enters the second quarter of FY26 on a relatively firm footing. While geopolitical tensions have not elevated further, the global slowdown, particularly in the US (which shrank by 0.5 per cent in Q1 2025), could dampen further demand for Indian exports. "Continued uncertainty on the US tariff front may weigh on India's trade performance in the coming quarters. Slow credit growth and private investment appetite may restrict acceleration in economic momentum," it said. Further, given the deflationary trend in the wholesale price index, one has to observe economic momentum in nominal quantities. Measured in constant prices, economic activity may appear healthier than it is, the review report said. "All that said, the economy has the look and feel of 'steady as she goes' as far as FY26 is concerned," it said. The report noted despite monetary easing and a strong bank balance sheet, credit growth has slowed, reflecting cautious borrower sentiment and possibly risk-averse lender behaviour. "A growing preference for bond markets, particularly commercial papers among corporates due to lower borrowing costs, may also explain the shift," it said. Piggybacking on initiatives like the Employment Linked Incentive (ELI) scheme, the ministry said it is time for corporates to set the ball in motion. The Reserve Bank has cumulatively reduced the short-term lending rate (repo) by 100 basis points since February. With an outlay of Rs 99,446 crore, the ELI scheme aims to incentivise the creation of more than 3.5 crore jobs in the country over a period of 2 years, with special focus on the manufacturing sector. The report said that despite global headwinds marked by trade tensions, geopolitical volatility, and external uncertainties, India's macroeconomic fundamentals have remained resilient. Aided by robust domestic demand, fiscal prudence and monetary support, India appears poised to continue as one of the fastest-growing major economies, with various forecasters, including S&P, ICRA, and the RBI's Survey of Professional Forecasters, projecting GDP growth rates for FY26 in the range of 6.2 per cent and 6.5 per cent, it said. The report said high-frequency indicators reflected broad-based strength, registering strong year-on-year growth. While the manufacturing and construction sectors continued to expand, the services sector anchored the overall economic growth in Q1 of FY26. As of now, favourable progress in the southwest monsoon has bolstered agricultural activity, leading to higher kharif sowing compared to the previous year. Adequate fertiliser availability and comfortable reservoir levels augur well for a healthy harvest outlook, providing fresh impetus to rural incomes and consumption, the ministry said.
