Reliance Industries shares fall over 2 pc on Q4 earnings

Shares of Reliance Industries Ltd (RIL) on Monday fell over 2 per cent after the company posted its biggest drop in its quarterly net profit.

The scrip of the country's most-valued firm closed 2.16 per cent lower at Rs 1,435.40 after declining 3.22 per cent to Rs 1,419.75 during the day on the BSE.

On the National Stock Exchange (NSE), it fell 2.11 per cent to close at Rs 1,435.

In terms of traded volume, 9.79 lakh shares were traded at the BSE and over 2 crore shares on the NSE during the day.

The company's market valuation was at Rs 9,09,947.98 crore.

The firm's net profit in January-March fell 37 per cent to Rs 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 a one-off spending.

The company's board approved a rights issue of Rs 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 Rs 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 on account of 'Maharashtra Day'.

Meanwhile, earlier in the day, Silver Lake, one of the world's largest tech investors, agreed to invest Rs 5,655.75 crore to buy a 1.15 per cent stake in Jio Platforms. The announcement comes within days of Facebook's Rs 43,574 crore deal.