Reliance of Mukesh Ambani on Friday announced its quarterly results after the market closed. The company’s profits in the September quarter were down 15 per cent.
Mumbai| Reliance Industries Ltd (RIL), the country’s most valued company, shares fell nearly 6 per cent on Monday. The company’s profit fell 15 per cent in the September quarter, which led to the decline in its shares. The company’s stock fell 5.54 per cent to Rs 1940.50 on the BSE. On the NSE, it declined by 5.57 per cent to Rs 1940.05.
Reliance’s market capitalisation on BSE declined by Rs 68093.52 crore to Rs 13,21,302.15 crore due to this trend. Reliance of Mukesh Ambani on Friday announced its quarterly results after the market closed. The company’s profits in the September quarter were down 15 per cent over the previous year. The company had a slowdown in the oil and chemicals business but had a strong performance in consumer oriented businesses like telecom.
The company informed the stock exchange that its net profit was Rs 9,567 crore in July-September as compared to Rs 11,262 crore in the same period a year ago. The company’s telecom business performed well during this period and added 7 million subscribers. During this period, the per capita revenue of the company increased to Rs 145.
The selloff also affected his Forbes billionaires ranking which came down to 9th spot- just behind Google co-founder Larry Page.