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Reliance Industires shares fall 2% on profit-booking

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Monday, 27 July,Mumbai: Shares of Reliance Industries on Monday fell by nearly 2% on profit-taking amid an overall weak broader market even as the company reported highest quarterly profit in seven-and-a-half years on strong refining and petrochemical margins.

RIL’s shares ended 1.88% lower at Rs 1,005.80 on the BSE. During the day, it slipped 2.31% to Rs 1,001.30.

At the NSE, shares of the company fell by 1.92% to settle at Rs 1,005.35.

The company’s market valuation declined by Rs 6,103.93 crore, to Rs 3,25,647.07 crore.

On the volume front, 4.38 lakh shares of the company changed hands at the BSE and over 45 lakh shares were traded at the NSE during the day.

On Friday, RIL had reported a standalone net profit of Rs 6,318 crore or Rs 19.5 per share in April-June quarter, which was 11.8% higher than Rs 5,649 crore or Rs 17.5 a share in the same period a year ago.

The first quarter profit in the current financial year 2015-16 was highest since earning in October-December 2007.

Revenue fell 26% to Rs 77,130 crore, hurt by a sharp fall in prices of crude oil and petroleum products, the company had said in a statement.

Consolidated net profit rose 4.4% to Rs 6,222 crore in April-June quarter of the current fiscal as against Rs 5,957 crore a year ago, the statement said.

In the broader market, the BSE Sensex fell sharply by 550.93 points to end at 27,561.38.

PTI