Shares of Reliance Industries Ltd, India’s most valuable company by market valuation, on Monday declined over 3 per cent after the company reported a 5 per cent drop in its June quarter net profit.
The blue-chip stock dropped 3.38 per cent to ₹3,004.25 on the BSE.
At the NSE, it declined 3.44 per cent to ₹3,003.25.
Reliance Industries Ltd on Friday reported a 5 per cent drop in its June quarter net profit as lower fuel cracks and petrochemical margins outdid gains in telecom and retail businesses.
The oil-to-retail-to-telecom conglomerate’s consolidated net profit was at ₹15,138 crore, or ₹22.37 per share, in the April-June period — the first quarter of the current 2023-24 fiscal year — compared to ₹16,011 crore, or ₹23.66 a share, earnings a year back, according to a company’s statement.
The net profit was also 20 per cent lower quarter-on-quarter when compared to the record ₹18,951 crore earnings in the preceding three months ended March 31.
Revenue from operations was up 11.5 per cent to ₹2.57 lakh crore from ₹2.31 lakh crore in the year-ago period but was lower than ₹2.64 lakh crore in January-March 2024.
