Shares of Reliance Industries Ltd fall as much as 3 per cent to Rs 1,345.05, posting their worst intra-day fall since December 11.
The conglomerate posted record quarterly profit on Thursday, boosted by its retail and telecom business, but its core operations of petrochemical and refining reported weak results.
The company said that the transfer of fibre and tower undertakings to separate companies was completed on March 31, its liabilities was worth Rs 1,07,000 crore, transferred from Jio’s balance sheet.
Analysts at Jefferies say that the results were broadly in line, but the net liabilities have risen considerably. They have raised the price target to Rs 990 from Rs 935.
