Reliance Industries shares were facing a massive rout on Monday as the broader market plunged in the afternoon amid profit-booking near record highs.

What Happened: Reliance’s stock was down over 3% during the session, set to snap a seven-session gaining streak. There seemed to be no immediate trigger for the sharp fall besides heightened profit-taking activity following a period of massive gains for the overall market.

Given that Reliance had around 677 crore shares outstanding as of September, investors lost upwards of ₹63,000 crore during the session.

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The Mukesh Ambani-led conglomerate, which is India’s largest company by market cap, said it would issue bonus shares to shareholders on a 1:1 basis, meaning investors would receive one new share of the scrip for every existing share.

While the record date for the bonus issue is yet to be announced, some see the dip on Monday as an opportunity to buy the stock before the bonus issue comes into effect.

Price Action: In late afternoon trade, Reliance’s share price was down 3.03% at ₹2,959.75. The stock has gained over 14% so far this year and nearly 28% in the last year.

The broader market was also deep in the red, with the Nifty 50 trading 1.4% in the red in late afternoon trade.

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