Reliance Shares Drop 3% After Q1 Earnings

New Delhi, Jul 22 (PTI) 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 3.49 per cent to settle at Rs 3,001.10 on the BSE. During the day, it went lower by 3.56 per cent to Rs 2,998.80

On the NSE, it declined 3.41 per cent to Rs 3,004.

The company's market valuation got wiped out by Rs 73,470.59 crore to Rs 20,30,488.32 crore.

In traded volume terms, 1.90 lakh shares of the company were traded at the BSE and 98.37 lakh shares at the NSE during the day.

Heavy selling pressure in Reliance Industries also dragged the benchmark indices.

Falling for the second day in a row, the 30-share BSE Sensex fell 102.57 points or 0.13 per cent to settle at 80,502.08.

The NSE Nifty dipped 21.65 points or 0.09 per cent to 24,509.25.

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 Rs 15,138 crore, or Rs 22.37 per share, in the April-June period -- the first quarter of the current 2023-24 fiscal year -- compared to Rs 16,011 crore, or Rs 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 Rs 18,951 crore earnings in the preceding three months ended March 31.

Revenue from operations was up 11.5 per cent to Rs 2.57 lakh crore from Rs 2.31 lakh crore in the year-ago period but was lower than Rs 2.64 lakh crore in January-March 2024.