Reliance shares down 3% after Q1 earnings: Rediff Moneynews

New Delhi, Jul 22 (PTI) Shares of Reliance Industries Ltd, India’s most valuable company by market valuation, fell over 3 percent on Monday after the company reported a 5 percent decline in second-quarter net profit.

The blue-chip stock fell 3.38 percent to Rs 3,004.25 on the BSE.

On the NSE, the share price fell 3.44 percent to Rs 3,003.25.

Reliance Industries Ltd on Friday reported a 5 percent decline in second-quarter net profit as lower margins at fuel crackers and petrochemicals units outweighed gains in the telecom and retail sectors.

The consolidated net profit of the conglomerate, which is into oil production, retail and telecom, stood at Rs 15,138 crore, or Rs 22.37 per share, in the April-June period (the first quarter of the current fiscal year 2023-24), compared with Rs 16,011 crore, or Rs 23.66 per share, a year ago, a company statement said.

Net profit was also down 20 percent quarter-on-quarter compared to record profit of Rs 18,951 crore in the preceding three months ended March 31.

Operating revenue rose 11.5 per cent to Rs 2.57 lakh crore from Rs 2.31 lakh crore in the same period a year ago, but was lower than Rs 2.64 lakh crore in the January-March 2024 period.