Reliance Industries (RIL) said on Monday that its core business was hit significantly by demand-related challenges, both in India and overseas. The company listed Covid-19 as an ‘internal risk’ in its letter of offer for the proposed rights issue.
“The impact of Covid-19 on our business and operations is uncertain,” the firm said. “Our refining, petrochemical, as well as oil and gas businesses have received a demand-side shock — not just in India but across the world,” the letter stated.
It added: “The lockdown is expected to have an adverse effect in the short-to-medium term on several businesses including refining, petrochemical, and oil and gas, as well as retail (non-grocery).”
