Reliance Industries suffer worst profit fall in over 11 year on weak fuel demand

NEW DELHI: Reliance Industries Ltd, operator of the world’s biggest refining complex, reported a 39% slump in its March quarter profit, the steepest drop since December 2008, as a sharp fall in oil prices and lower fuel demand hammered its dominant energy businesses.

The company, India’s largest by market value, posted consolidated profit of 63.48 billion rupees ($845 million) in the three months ended March 31, missing analysts’ expectation of an average 105.20 billion rupees by a wide margin.