Reliance Industries’ stock experienced a 3.49% decline, closing at Rs 3,001.10 on the BSE, following the announcement of a 5% drop in net profit for the June quarter. The market valuation of India’s most valuable company, chaired by Asia’s richest man Mukesh Ambani, was reduced by Rs 73,470.59 crore to Rs 20,30,488.32 crore on Monday. Shares dipped to Rs 2,998.80 during the day.
On the NSE, Reliance shares fell 3.41% to Rs 3,004. The heavy selling of Reliance stocks also affected the broader market indices. The BSE Sensex dropped by 102.57 points or 0.13% to close at 80,502.08, while the NSE Nifty declined by 21.65 points or 0.09% to settle at 24,509.25.
Reliance Industries reported a consolidated net profit of Rs 15,138 crore (Rs 22.37 per share) for the April-June period of the 2023-24 fiscal year, down from Rs 16,011 crore (Rs 23.66 per share) a year earlier. The decline was attributed to lower fuel margins and petrochemical earnings, which outweighed the gains in the telecom and retail sectors.
Significant trading volumes were recorded, with 1.90 lakh shares traded on the BSE and 98.37 lakh shares on the NSE. The financial setback has put substantial selling pressure on Reliance, further impacting its market valuation and contributing to the dip in benchmark indices.
Overall, Reliance Industries faced a challenging trading session that mirrored the wider market sentiment, underlining the conglomerate’s influence on the Indian economy.
Original Story https://www.dnaindia.com/business/report-mukesh-ambani-reliance-loses-rs-73470-crore-in-a-day-after-shares-drop-over-3-per-cent-3097923
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