Reliance Industries Faces Market Dip Despite Record Profits
Reliance Industries' shares fell over 3% after announcing record quarterly profits. Despite the decline, the company reported a 78.3% growth in profits for the April-June period, driven by its consumer businesses and investment sales. The company's market valuation dropped by Rs 65,820.75 crore.
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Shares of Reliance Industries dipped more than 3% on Monday. This decline followed the announcement of the company's April-June quarter earnings, which revealed a record profit. Despite these promising figures, profit-taking emerged, causing a notable decrease in share value.
The firm's shares on the BSE closed at Rs 1,428.20, a drop of 3.29%. On the NSE, they declined by 3.23% to the same value. This resulted in a market valuation loss of Rs 65,820.75 crore, bringing it to Rs 19,32,707.74 crore.
Reliance Industries, India's top-valued company, reported its highest-ever quarterly profit of Rs 26,994 crore for this period, marking a 78.3% increase year-over-year. The growth was attributed to strong performances in its consumer sectors, despite the overall dip in its stock value.
(With inputs from agencies.)
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- Mukesh Ambani
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