RIL dips 3% in intraday trade on weaker-than-expected Q1FY24 results

Shares of Reliance Industries dipped 3 per cent to Rs 2,469.55 on the BSE in Monday’s intra-day trade as investors booked profit in the company after it reported lower-than-expected June quarter results (Q1FY24), with a 10.8 per cent year-on-year (YoY) dip in its consolidated net profit of Rs 16,011 crore owing to weak profitability seen in the oil-to-chemicals (O2C) business.

In the past two trading days, the stock has declined 5 per cent. It had hit a record high of Rs 2,635.17 (adjusted to demerger of Jio Financial business) on July 19. The shares, however, recovered and were flat at 9:45 AM, as against 0.16 per cent dip in the S&P BSE Sensex.