Reliance Industries share price is likely to remain in focus during Friday’s trading session after the company dismissed media reports claiming it was purchasing Iranian crude.
On Friday, the ended the session in green, closed 0.10% higher at ₹1,413.10 per share.
In an exchange filing on March 27, Reliance Industries said, “The Company categorically rejects recent media reports alleging the purchase of crude oil of Iranian origin. These claims are entirely baseless, factually incorrect, and misleading.”
Reliance operates the world’s largest refining complex at Jamnagar in Gujarat, with its petroleum and chemicals segment serving as a key driver of overall earnings.
It further added, “We urge media outlets to verify facts thoroughly before publication and to refrain from disseminating unsubstantiated reports that can misinform stakeholders and the public.”
According to a report by Reuters on Tuesday, the company has acquired 5 million barrels of Iranian crude just days after the US temporarily lifted sanctions on the oil. The Indian refiner purchased the cargo from the National Iranian Oil Co., sources were quoted as saying by Reuters.
The Trump administration last week granted a 30-day sanctions waiver allowing the purchase of Iranian oil already at sea, in a move aimed at easing supply constraints and cooling prices that have surged after the Iran conflict. The waiver covers oil loaded on any vessel — including sanctioned tankers — on or before March 20, provided it is discharged by April 19. This marks the third such waiver, following similar measures for Russian oil.
Indian refiners have remained cautious, citing the limited timeline and uncertainties around payments, currency mechanisms, insurance, and logistics, which have slowed any potential buying activity, according to Bloomberg News.
Domestic refiners have not imported Iranian crude since 2019, when purchases were halted to comply with US sanctions. Meanwhile, the petroleum ministry was quoted as saying by Bloomberg on Thursday that all refineries are operating at full capacity and have secured adequate oil supplies for the next 60 days.
Reliance Industries share price trend
has remained mixed in the near term. The stock has gained over 1.43% in a week, however, has fallen 10.27% in terms of year-to-date (YTD).
Looking at the broader level, Reliance shares have delivered over 11% in the last one year and 26.37% in three years.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.