Reliance Shares Slump Amid Q3 Profit Stagnation

Reliance Industries Ltd sees a 3% fall in share prices following stagnant net profit for Q3 at Rs 18,645 crore. Decline in gas production and retail business performance negates gains in energy and digital segments. The company's market value dropped significantly, impacting overall market indices.

Reliance Industries Ltd shares tumbled by 3% on Monday after the conglomerate reported almost stagnant net profit figures of Rs 18,645 crore for the third quarter. The downturn is attributed to declining gas production and a weaker retail sector, overshadowing positive performance from other business units.

The blue-chip stock saw a 3.04% drop settling at Rs 1,413.25 on the BSE, with an intra-day low of Rs 1,403.30. On the NSE, the stock closed down by 3% at Rs 1,413.60, having slipped as much as 3.74% during the trading session. This decline significantly impacted the company's market valuation, which diminished by Rs 60,016.51 crore to Rs 19,12,476.70 crore.

The fall of Reliance Industries' stock played a major role in dragging the broader markets lower. The BSE Sensex fell by 324.17 points, or 0.39%, closing at 83,246.18, while the NSE Nifty decreased by 108.85 points, or 0.42%, to end at 25,585.50. Announced post-market on Friday, the third-quarter earnings reflect muted growth in retail due to factors like GST rate changes and festive buying shifts, balancing out the robust results in energy and digital divisions.

(With inputs from agencies.)