Shares of Reliance Industries Ltd (RIL) on Monday tanked nearly 6% after the company reported a 15% drop in second-quarter net profit. The stock tumbled 5.54% to Rs 1,940.50 on the BSE.
On the NSE, it declined by 5.57% to Rs 1,940.05. The company’s market valuation tumbled Rs 68,093.52 crore to Rs 13,21,302.15 crore on the BSE. The earnings announcement came after the market close on Friday.
RIL on Friday reported a 15% drop in Q3 net profit after a slump in core oil and chemicals business dragged down continued good showing in consumer-facing verticals such as telecom.
The oil-to-telecom-to-retail conglomerate saw consumer-facing units doing well amid the lockdown easing but the core business continued to face pressure.
The firm’s net addition of 7.3 million subscribers and per-user revenue rising to Rs 145 helped the telecom business soar.
Digital services, which include the telecom arm Jio, saw pre-tax profit surge 53% to Rs 8,345 crore as revenues soared by more than one-third.
Petrochemicals revenue fell 23% to Rs 29,665 crore and pre-tax profit dropped 33% at Rs 5,964 crore.
