Reliance Industries faces longest losing streak since 1997

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Reliance Industries, operator of the world’s biggest oil refining complex, declined for the ninth straight day, its longest losing streak since 1997, as profit from turning crude into fuels declined.

The shares closed down 1.24% to Rs 773.70, the lowest since November 26 after declining as much as 2.4% intra-day. The benchmark S&P BSE sensex rose 0.7% to 18835.8.

The shares have fallen 9.6% since March 14. “Refining profits are coming off their highs and that will affect Reliance,”

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