RIL falls to 52-week low level | business | Hindustan Times
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RIL falls to 52-week low level

business Updated: Oct 24, 2008 14:41 IST
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Shares of country's largest private sector company, Reliance Industries, on Friday dipped to its 52-week low level in early morning trade on the bourses, a day after it posted below expectation second quarter results.

RIL opened on a weak note at Rs 1,190 on the Bombay Stock Exchange, the stock then lost further ground and witnessed an intra-day low of Rs 1,176.20, a decline of 3.21 per cent from its previous closing price.

On the National Stock Exchange, the scrip followed a similar trend as it opened at Rs 1,200, touched an intra-day low of Rs 1,176, a fall of 3.42 per cent from its last close.

"The fall in RIL stock was largely because of the slow pace of growth that the company registered for the September quarter of this fiscal. While the bearish trend in the domestic stock market also had a negative impact on the stock," marketmen said.

RIL' second quarter net profit grew 7.4 per cent to Rs 4,122 crore, while revenue rose by 39.4 per cent. The firms second quarter revenue rose to Rs 44,938 crore for September quarter, against Rs 32,211 crore in the year-ago period.

Tracking weak global cues, the BSE benchmark Sensex tumbled by another 277 points in early trade today on increased capital outflows by foreign funds and nervous selling by retail investors. While, NSE index Nifty also tumbled by 88.65 points, or 2.90 per cent at 2,854.50 points.

"Leading economies across the globe are passing through some unprecedented times. Our businesses are gearing to meet these challenges," RIL Chairman and Managing Director Mukesh Ambani said while announcing the second quarter results yesterday.

Shares of RIL has been witnessing a downtrend since three trading sessions including today. RIL had declined by 7.62 per cent to Rs 1,215.25 on the BSE yesterday.

On the volume front nearly three lakh shares exchanged hands on the BSE and 8.41 lakh shares got traded on the NSE.