Reliance Industries shares are seeing volatility due to multiple recent triggers. The company’s Q4 FY26 results showed a 13% YoY drop in net profit, mainly due to weakness in the oil-to-chemicals business, although revenue growth remained strong from telecom and retail segments. Positive sentiment is building around a possible IPO of Jio Platforms and continued strong retail growth, which supported a recent 2.5% rally in the stock despite weak broader markets. On the negative side, the government’s export duty on petrol and diesel has raised concerns over refining margins, which pressured the stock earlier this month. Rising crude oil volatility and Middle East tensions are also impacting investor sentiment toward energy-heavy companies like Reliance. Despite near-term pressure, Reliance became the first Indian company to cross $120 billion in annual revenue during FY26, highlighting long-term business strength across energy, telecom, retail, and digital businesses. $RELIANCE