Reliance Industries Shares Slips Nearly 4 Percent

Company's June quarter earnings failed to enthuse Investors...

In morning trade on Monday, Shares of Reliance Industries fell nearly 4 per cent after the company's June quarter earnings failed to enthuse investors.

The market heavyweight stock declined 3.95 per cent to ? 2,404 on the BSE, after a weak start early in the trade. At the NSE, it went lower by 3.98 per cent to ? 2,403.35 apiece.

Fall in Reliance shares were instrumental in dragging down the benchmark indices.

The 30-share BSE was trading 400.84 points or 0.71 per cent lower at 55,671.39 and the NSE Nifty quoted 109.60 points or 0.66 per cent down at 16,609.85.

On Friday, Reliance Industries reported a 46 per cent jump in its June quarter net profit on earnings from oil refining as well as rise in telecom and retail businesses.

"RIL's results, though impressive on the telecom and retail front, fell below expectations in the refining space," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

The oil-to-retail-to-telecom conglomerate's consolidated net profit stood at ? 17,955 crore, or ? 26.54 a share, in April-June compared to ? 12,273 crore, or ? 18.96 per share, in the year 2021.

Markets in Tokyo, Shanghai and Hong Kong were trading lower, while Seoul quoted in the green.

On Friday, The BSE had jumped 390.28 points or 0.70 per cent to settle at 56,072.23. The Nifty climbed 114.20 points or 0.69 per cent to 16,719.45.

Meanwhile, international oil benchmark Brent crude declined 0.53 per cent to USD 102.70 per barrel.