Shares of Reliance Industries were battered in Thursday’s trade falling as much as 9 per cent.

The share prices made a new 52-week low in the process. At 12.32 pm, the stock was down 5.83 per cent to Rs 1,086.

It touched a 52-week low of Rs 1,049.50 during the day. The scrip has fallen 28 per cent in the current calendar year, making a dent of $15.2 billion (Rs 1.11 lakh crore) in Mukesh Ambani’s wealth in the same period.

Thanks to the fall, he is no longer Asia’s richest, replaced by Alibaba founder Jack Ma.

Meanwhile, global brokerage UBS Securities on Wednesday maintained its ‘buy’ rating on Reliance Industries and raised the target price on the stock to Rs 1,840, implying 60 per cent upside from the current levels in the next 12 months. The brokerage said the steep decline in the stock price this year implies no value is being assigned to the energy business. “We believe the current decline in stock prices offers an opportunity to investors to buy the energy business apparently for free, as the current market-cap is 10 per cent below our SoTP (sum of the parts) valuation of the consumer businesses,” the brokerage said in a release. The brokerage said RIL’s stock price has declined 30 per cent from the recent highs, due to concerns of Covid-19 impact on demand for refined products and petrochemicals, depressing margins, lower energy segment cash flows impacting RIL’s growth investments and Saudi Aramco deal timelines.