Reliance Industries Shares Fall 3% After Q4 Earnings; Down Nearly 10% In 6 Days
Reliance Industries has fallen 9.82 per cent since April 29.
New Delhi:
Shares of Reliance Industries Ltd fell 3 per cent in early trade on Monday after the company’s March quarter earnings failed to please investors.
Amid a weak trend in the broader market, the stock has been trading lower for the past several days and has come down by 3 per cent to Rs 2,542.10.
The stock fell 2.99 per cent to Rs 2,542.25 on the NSE.
The stock has fallen 9.82 per cent since April 29.
Billionaire Mukesh Ambani’s Reliance Industries Ltd on Friday reported a 22.5 per cent rise in net profit for the quarter ended March on the back of bumper oil refining margins, steady growth in telecom and digital services and strong momentum in retail business.
Oil-to-retail-to-telecom group’s consolidated net profit increased to Rs 16,203 crore for the quarter ended March 31, 2022, the firm said in a statement.
However, net profit fell 12.6 per cent sequentially, breaking a six-quarter series of quarter-on-quarter corrections.
Reliance’s earnings growth was also driven by growth in broadband subscribers, growth in online retail sales, and growing new energy investments.
The country’s largest company’s consolidated revenue by market value grew 35 per cent year-on-year to Rs 2.32 lakh crore in the fourth quarter of FY22.
