Mumbai: Shares of Nifty heavyweight Reliance Industries dropped over 3% on Monday, after the company’s third-quarter results late last week. Analysts said lower-than-expected growth across businesses disappointed investors and investors should wait for further cues as growth expectations are tempered.

RIL shares fell 3.1% to ₹1,413.20 on Monday, contributing to benchmark Nifty and Sensex’s near 0.5% fall.

“The deceleration in growth across verticals, especially the significant slowdown in the retail vertical led to the slide in the price,” said Dharmesh Kant, head of Research, Cholamandalam Securities. “There were expectations from Jio ahead of the IPO, but the company was not able to scale ARPU despite 65% market share in the 5G spectrum segment, which shows confidence is lagging.”

In the past month, Reliance shares dropped 9.7% while the benchmark Nifty slid 1.5% lower in the same period.

Analysts said technical indicators are signalling further weakness.

“The stock is currently trading below its 200-day moving average (DMA) sustained trading below this level is a bearish signal, indicating that the long-term trend has shifted downward,” said Om Ghawalkar, market analyst, Share.Market (PhonePe Wealth).

For retail investors, the current setup suggests a “wait-and-watch” approach, said Ghawalkar. “It would be prudent to wait for the stock to reclaim and bounce back from its 200-day moving average before considering new positions, as this would signal a return of bullish momentum and price stability,” he said.

Kant said big declines from current levels seem unlikely. “Since the stock has already corrected significantly, no major downside is anticipated but it could be a challenging year for the company with single-digit growth expected,” said Kant. “Until the new energy plants commissioning begins, it could remain in a range.”