Reliance shares drop over 4% to ₹1,295, now under 18L/cr

U.S.-Iran tensions, export duties hit Reliance

The main reasons: rising U.S.-Iran tensions have disrupted global oil supplies, and India has brought back export duties on diesel and aviation turbine fuel, meaning extra costs of ₹21.50 per liter for diesel and ₹29.50 per liter for jet fuel.
On the bright side, Reliance's big SEZ refinery is exempt from these duties (thanks to a court order), which, according to Citi Research

, should soften some of the blow.