New Delhi: Reliance Industries Ltd, India's highest-valued company, saw its shares fall by more than 3 percent on Monday following a 5 percent decrease in its net profit for the June quarter. On the Bombay Stock Exchange, the high-value stock fell by 3.38 percent to reach Rs 3,004.25. It dropped by 3.44 percent to Rs 3,003.25 at the NSE.
Reliance Industries Ltd announced a 5 pc decrease in its net profit for the June quarter due to decreased fuel cracks and petrochemical margins, despite growth in telecom and retail sectors. In the April-June period of the current 2023-24 fiscal year, the conglomerate's net profit dropped to Rs 15,138 crore, or Rs 22.37 per share, from Rs 16,011 crore, or Rs 23.66 per share, a year ago, as stated by the company.
The profit after taxes was 20 pc less in the current quarter compared to the high earnings of Rs 18,951 crore in the previous quarter ending on March 31. Income generated from business activities increased by 11.5 percent to Rs 2.57 lakh crore from Rs 2.31 lakh crore in the previous year, however, it was less than Rs 2.64 lakh crore in January-March 2024.
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