Reliance Industries Records Highest-Ever Profit Amid Market Decline

Shares of Reliance Industries saw a decline of nearly 3% despite posting a record quarterly profit of Rs 26,994 crore for Q1, a 78.3% increase year-on-year. This drop, seen as profit-taking by investors, follows robust results from its Jio and retail segments, driven by rising consumer numbers and expanded networks.

Shares of Reliance Industries fell by nearly 3% on Monday morning, as investors capitalized on profits following the announcement of robust April-June quarter earnings.

The stock dropped 2.70% to Rs 1,436.85 on the BSE and 2.64% to Rs 1,437 on the NSE. VK Vijayakumar, Chief Investment Strategist at Geojit Investments, noted that the earnings, particularly from Jio and retail, were steady.

Despite the dip in stock prices, Reliance Industries, led by billionaire Mukesh Ambani, achieved its highest-ever quarterly profit of Rs 26,994 crore, marking a 78.3% increase from last year, thanks to its consumer businesses and investment sales.

(With inputs from agencies.)