The Indian equity benchmarks were trading sharply lower with Reliance Industries contributing 157 points towards over 600-point fall in the Sensex.
Shares of Reliance Industries fell 2.1% to hit an intraday low of Rs 2,458 on Thursday, a day ahead of its December quarter earnings due tomorrow. The company’s shares opened at Rs 2,497 and were trading at as low as Rs 2,458. Meanwhile, the Indian equity benchmarks were trading sharply lower with Reliance Industries contributing 157 points towards over 600-point fall in the Sensex.
The oil-to-telecom conglomerate reported a net profit increase of Rs 13,680 crore in the second quarter of the current financial year, marking an annual increase of 43 per cent. The company’s total revenue from operations grew 48% to Rs 1.74 lakh crore for Q2.
Its flagship telecom arm, Reliance Jio Infocomm, saw an increase of 24% in the net profit, at Rs 3,528 crore in the September quarter.
The company, led by Mukesh Ambani, currently has a market capitalization of Rs 17.01 lakh crore.
As of 3:11 pm, Reliance Industries traded 2 per cent lower at Rs 2,471, underperforming the Sensex which was down 1.12 per cent.