Reliance Industries Suffers 5% Profit Drop, Stocks Tumble Over 3%

Shares of Reliance Industries Ltd saw a 3% decline following a reported 5% drop in its June quarter net profit. The company's market valuation decreased by Rs 73,470.59 crore. The drop in net profit was attributed to lower fuel cracks and petrochemical margins despite gains in its telecom and retail businesses.

Shares of India's most valuable company, Reliance Industries Ltd, fell over 3% on Monday following the announcement of a 5% decline in net profit for the June quarter.

The stock settled at Rs 3,001.10 on the BSE and Rs 3,004 on the NSE, resulting in a market valuation loss of Rs 73,470.59 crore.

Heavy selling pressure contributed to the decline in the benchmark indices: the BSE Sensex fell 102.57 points to finish at 80,502.08, and the NSE Nifty dipped by 21.65 points to 24,509.25.

Reliance Industries reported a consolidated net profit of Rs 15,138 crore in Q1 FY2023-24, down from Rs 16,011 crore the previous year, attributing the drop to weaker fuel and petrochemical margins despite gains in telecom and retail sectors.

(With inputs from agencies.)