RIL tanks over 3 pc; m-cap falls by Rs 11,000 cr | business | Hindustan Times
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RIL tanks over 3 pc; m-cap falls by Rs 11,000 cr

business Updated: Jul 28, 2010 18:58 IST

Reliance Industries Ltd (RIL), the country's most valued firm, today plunged over 3 per cent, dragging its valuation down by Rs 11,000 crore a day after the company reported its best ever quarterly numbers.

Shares of RIL plummeted 3.09 per cent to settle at Rs 1,020.95 on the Bombay Stock Exchange. However, the stock opened in the green and surged 1.44 per cent to Rs 1,068.70 during early trade.

The market capitalisation of RIL fell by Rs 11,000 crore to Rs 3.33 lakh crore. The company's m cap had stood at Rs 3.44 lakh crore yesterday.

"The weakness in the stock was expected as it did not participate in the recent market rally. The scrip was trading near its month lows just before the results, on which market took a reaction, and the stock being in weaker hands pulled the broader index down," SMC Global Vice President Rajesh Jain said.

Witnessing a similar trend on the National Stock Exchange, the stock tanked 3.16 per cent to settle at Rs 1,020.25.

RIL, which carries the maximum weight on the Sensex, brought BSE's 30 share index down by 0.67 per cent to 17,957.37.

The company was the biggest contributor to the overall Sensex fall, with a loss of 75.02 percentage points. Also, the counter was the volume topper with a total of 1.46 crore shares traded on both the bourses.

"The next two quarters are unlikely to yield any earnings surprises as KG D 6 production will remain constant, and refining and petchem margins will be stable," Elara Securities analyst Alok Deshpande said in a note.

Yesterday, RIL had posted a 32.3 per cent rise in profit and a whopping 85 per cent jump in revenues during the quarter to June its highest ever quarterly net profit and revenue figures helped by robust performance by its refining and petrochemicals businesses.

While the company saw its net profit touching Rs 4,851 crore for the quarter ended June, against Rs 3,666 crore in the corresponding quarter last year, its total income rose to Rs 58,950 crore from Rs 31,896 crore in the same quarter a year ago.