Reliance kicked off 2025 taking some serious heat. Stock prices have dropped more than 6% as the market grapples with disappointing retail outlook signals. But there's more than just weak consumer demand weighing on the stock—rising US pressure around India's Russian oil purchases is adding another layer of headwinds.

The combination of softer retail metrics and tougher geopolitical trade rhetoric has investors reassessing their positions. It's a reminder how intertwined commodity politics and domestic business cycles have become. When major trading partners start shifting their tone on energy sourcing, it ripples through corporate fundamentals pretty fast.

For those watching India's largest conglomerate, the early-year performance is something to keep an eye on as the situation develops further.