Reliance Industries Shares Fall 3%

Shares of Reliance Industries Ltd (RIL) fell nearly 3 per cent after the company's December quarter earnings failed to enthuse investors.

The scrip of the country's most valuable company dropped 3.08 per cent to close at Rs 1,532 on the BSE. During the trade, it hit a high of Rs 1,609.50, but later gave up all gains and plunged 3.39 per cent to Rs 1,527.

At the NSE, it dipped 3 per cent to close at Rs 1,532.20.

The company's market valuation tumbled Rs 30,824.21 crore to Rs 9,71,168.79 crore on the BSE.

In terms of volume, 6.51 lakh shares of the company were traded on the BSE, while about 1.5 crore shares changed hands on the NSE during the day.

Reliance Industries on Friday reported a quarterly net profit of Rs 11,640 crore as a turnaround in oil refining business together with the continued rise in share of its consumer businesses of retail and telecom countered lower profitability in petrochemicals.

The company declared its earnings post market hours.

The oil-to-telecom conglomerate, led by richest Indian Mukesh Ambani, reported a net profit of Rs 11,640 crore, or Rs 18.4 per share, in October-December, up from Rs 10,251 crore, or Rs 17.3 a share, in the same period of the previous financial year, the company said in a statement.

This is the highest quarterly net profit earned by any private company, surpassing its own previous best of Rs 11,262 crore in the July-September 2019 period.

However, consolidated revenue fell 1.4 per cent to Rs 1,68,858 crore in the third quarter of 2019-20.