Reliance Industries shares tank nearly 6 per cent after Q2 earnings
Shares of Reliance Industries Ltd (RIL) on Monday tanked nearly 6 per cent after the company reported a 15 per cent drop in second quarter net profit. The stock tumbled 5.54 per cent to Rs 1,940.50 on the BSE. On the NSE, it declined 5.57 per cent to Rs 1,940.05.
The company’s market valuation tumbled Rs 68,093.52 crore to Rs 13,21,302.15 crore on the BSE. RIL on Friday reported a 15 per cent drop in second quarter net profit after a slump in core oil and chemicals business dragged down continued good showing in consumer-facing verticals such as telecom.
The earnings announcement came after market close on Friday. Net profit was attributable to owners at Rs 9,567 crore in July-September compared with Rs 11,262 crore a year back, Reliance said in a stock exchange filing.
