You are here: Home » Markets » News
Business Standard

RIL shares tank 9%; m-cap tumbles over Rs 1 trillion after Q2 earnings

The company's market valuation also eroded by Rs 1,19,721.68 crore to Rs 12,69,437.32 crore on the BSE

Topics
Reliance Industries | Q2 results | market capitalisation

Press Trust of India  |  New Delhi 

Photo: Reuters
The earnings announcement came after market close on Friday | Photo: Reuters

Shares of Ltd (RIL) on Monday tanked nearly 9 per cent after the company reported a 15 per cent drop in second quarter net profit.

The stock tumbled 8.62 per cent to close at Rs 1,877.30 on the BSE. During the day, it tanked 9.46 per cent to Rs 1,860.

On the NSE, it declined 8.61 per cent to close at Rs 1,877.45.

The company's market valuation also eroded by Rs 1,19,721.68 crore to Rs 12,69,437.32 crore on the BSE.

RIL was the top laggard among the Sensex and Nifty constituents.

In traded volume terms, 14.44 lakh shares were traded at the BSE and 4.58 crore units on the NSE during the day.

RIL on Friday reported a 15 per cent drop in second quarter net profit after a slump in core oil and chemicals business dragged down continued good showing in consumer-facing verticals such as telecom.

The earnings announcement came after market close on Friday.

Net profit was attributable to owners at Rs 9,567 crore in July-September compared with Rs 11,262 crore a year back, Reliance said in a stock exchange filing.

The oil-to-telecom-to-retail conglomerate saw consumer-facing units doing well amid the lockdown easing but the core business continued to face pressure.

The firm's net addition of 7.3 million subscribers and per-user revenue rising to Rs 145 helped the telecom business soar.

Digital services, which include the telecom arm Jio, saw pre-tax profit surge 53 per cent to Rs 8,345 crore as revenues soared by more than one-third.

Petrochemicals revenue fell 23 per cent to Rs 29,665 crore and pre-tax profit dropped 33 per cent at Rs 5,964 crore.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Mon, November 02 2020. 19:03 IST
RECOMMENDED FOR YOU
.