Reliance shares drop after Q1 profit misses estimates

Shares of Reliance Industries, India’s largest company by market capitalisation, fell nearly 3 per cent on Monday after the conglomerate posted a bigger-than-expected drop in its first-quarter profit late on Friday.

Weak demand and a steep fall in refining margins impacted the company’s flagship oil-to-chemicals (O2C) business, contributing to the profit slide.

The fall in Reliance’s shares, their steepest in two weeks, lead losses on the benchmark Nifty 50 index. The Mukesh Ambani-led company is the heaviest stock in the index with a 10.21 per cent weightage.