MUMBAI: Funding costs for Reliance Industries (RIL), India’s biggest company by all conventional financial yardsticks, dropped 42 basis points in the past one year, with the decline in average cost of debt capital at the oil-to-retailing major far outpacing the reduction in broader market rates. A basis point is 0.01%. The average differential or spread of three-year RIL bonds with the sovereign benchmark slipped to 53 basis points from 95 bps