Reliance Industries Share Price Down 26% In 2026 As Jio IPO Nears; Why Is RIL Stock Falling?

Reliance Industries shares recovered on Wednesday, October 14, but the stock remains down around 26% in 2026, even as Jio Platforms moves closer to what could become India's largest IPO and is likely to file its red herring prospectus (RHP) with SEBI today.

Reliance Industries share price was trading at ₹1,179.50 on the NSE at 12:00 pm IST, up ₹12.80 or 1.10%. The recovery follows a weak run for India's most valuable listed company, with RIL shares falling nearly 5% over the past five sessions and around 7% in one month. The stock touched a fresh 52-week low of ₹1,152.20 on October 13 and remains more than 25% below its January highs.

The weakness comes just as the Jio IPO enters a crucial stage. Jio Platforms is likely to file its RHP on October 14 for an issue expected to raise around ₹30,000 crore, with the IPO likely to open on October 21 and close on October 23. The reported price band stands at ₹1,065-₹1,119 per share, while the company is targeting a valuation of around ₹10.3 lakh crore, or $106 billion.

The scale of the Jio IPO has kept Reliance firmly in focus, but the build-up has so far failed to reverse the slide in the parent company's shares.

Why Is RIL Stock Falling Despite Jio IPO Buzz?

Reliance Industries has lost around a quarter of its market value on the stock market this year despite Jio moving steadily towards a separate listing.

The disconnect comes as investors continue to weigh the value that could be unlocked through Jio against pressures elsewhere in the Reliance portfolio. RIL remains exposed to its oil-to-chemicals, oil and gas, retail and new-energy businesses, meaning the parent company's valuation continues to reflect much more than its stake in Jio.

The stock's recent performance has kept that pressure visible. RIL has fallen around 7% in a month and nearly 5% over five sessions, with the shares slipping to ₹1,152.20 on October 13, their lowest level in a year.

Reliance's energy businesses have remained a key area of focus amid movements in refining margins and petrochemical profitability. At the same time, the group's investments across new energy and other businesses continue to require significant capital.

Jio's IPO will give investors a separate market valuation for Reliance's telecom and digital business, but Reliance Industries will continue to hold a large stake after the listing. That means movements in RIL shares will continue to reflect the performance and capital requirements of the wider group.

Jio IPO RHP Likely Today As ₹30,000 Crore Issue Nears

Jio Platforms is now moving towards the final stages of its IPO process, with the company likely to file its RHP with SEBI on October 14.

The company had filed its draft offer document in June for a fresh issue of up to 27 crore equity shares. The Jio IPO is expected to consist of fresh shares rather than an offer for sale by existing shareholders.

Jio is expected to open the issue for public subscription on October 21, with bidding likely to close on October 23 and the listing expected later in the month.

The reported price band of ₹1,065-₹1,119 per share could value Jio Platforms at around ₹10.3 lakh crore at the upper end. The issue is expected to raise around ₹30,000 crore, putting it on course to surpass Hyundai Motor India's ₹27,800 crore offer as the country's largest IPO.

The IPO proceeds are expected to be used primarily towards repayment or prepayment of certain borrowings of Reliance Jio Infocomm, along with general corporate purposes.

The Jio listing will provide a separate valuation benchmark for Reliance's telecom and digital operations at a time when the parent company's stock is going through one of its weakest phases in recent years.

For RIL, the contrast remains sharp. The Jio IPO is approaching its final stages, but Reliance Industries shares are still down around 26% in 2026. Wednesday's 1.10% recovery to ₹1,179.50 has lifted the stock from its latest 52-week low, but it has yet to reverse the broader decline.

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