RIL slumps; earnings driven by other income

Reuters Market Eye - Shares in Reliance Industries Ltd fall as much as 2.67 percent even after its earnings beat estimates late on Friday, as other income, mainly from treasury-related gains, accounted for 38 percent of pre-tax profit for the quarter, according to the company.

Kotak Institutional Equities says in a report that Reliance's other income is covering up for its "middling" operating performance as its operating profit declines by 9.6 percent due to lower refining margins and a decline in production.

(Repoting by Abhishek Vishnoi)