Reliance Industries is in the spotlight following the revival of its oil swap arrangement with Venezuela’s state oil company PDVSA, a deal that had previously been suspended due to U.S. sanctions. This renewal was made possible by a U.S. license granted in July. Earlier this month, a supertanker carrying 1.9 million barrels of Venezuelan Merey heavy crude departed for India’s Sikka port, with Reliance supplying 500,000 barrels of heavy naphtha to PDVSA in exchange. Despite this development, 2024 has been a disappointing year for Reliance Industries, with its shares poised to close the year with negative returns for the first time in nearly a decade. From its July peak, the stock has fallen about 21%, erasing over ₹4.4 lakh crore in market capitalization. After robust performances in earlier years, with a 70.55% return in 2017 and consistent growth through 2020, Reliance’s growth trajectory has slowed, culminating in a likely decline this year.