Reliance Industries slips 5.5% post Q2 results, hits over three-month low

Shares of Reliance Industries hit an over three-month low, falling 5.5 per cent to Rs 1,940.5, on the BSE in the early morning trade on Monday after it reported a 15.1 per cent year-on-year (YoY) decline in its consolidated net profit at Rs 9,567 crore for the September-ended quarter (Q2FY21). Consolidated net revenue also dipped 25.7 per cent YoY to Rs 1.11 trillion owing to weak performance in the refining, petrochemicals, and retail businesses.

The stock was trading at its lowest level since July 21, 2020, when it had touched a low of Rs 1,935 in the intra-day deals. The sharp decline in the market price led to erosion of market-capitalisation worth nearly Rs 74,000 crore in the intra-day trade today.