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Reliance Industries shares fall over 3 pc after Q4 earnings
The firm’s net profit in January-March fell 37 per cent to ₹6,546 crore, the lowest in three years.
Shares of Reliance Industries (RIL) on Monday fell over 3 per cent after the company posted its biggest drop in quarterly net profit.
The scrip of the company declined 3.22 per cent to ₹1,419.75 on the BSE.
On the NSE, it fell 3.31 per cent to ₹1,417.45.
The firm’s net profit in January-March fell 37 per cent to ₹6,546 crore, the lowest in three years, as a rise in consumer-facing business was not enough to shield the firm from fall in the petrochemical business. The profit was also down due to one-off spending. The company’s board approved a rights issue of ₹53,125 crore, which it said was the biggest in India and the first by RIL in three decades. “The price of rights issue has been determined at ₹1,257 per share and the share ratio at 1:15,” the company said in a statement on Thursday.
Domestic equity markets were closed on Friday for ‘Maharashtra Day’.
Meanwhile, earlier in the day, Silver Lake - one of the world’s largest tech investors - agreed to invest ₹5,655.75 crore to buy a 1.15 per cent stake in Jio Platfroms. The announcement comes within days of Facebook’s ₹43,574 crore deal.
