Reliance Industries shares fall over 3 pc after Q4 earnings - Hindustan Times
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Reliance Industries shares fall over 3 pc after Q4 earnings

New Delhi | ByPress Trust of India
May 04, 2020 01:33 PM IST

The firm’s net profit in January-March fell 37 per cent to ₹6,546 crore, the lowest in three years.

Shares of Reliance Industries (RIL) on Monday fell over 3 per cent after the company posted its biggest drop in quarterly net profit.

On the NSE, it fell 3.31 per cent to <span class='webrupee'>₹</span>1,417.45. (Reuters File Photo)
On the NSE, it fell 3.31 per cent to 1,417.45. (Reuters File Photo)

The scrip of the company declined 3.22 per cent to 1,419.75 on the BSE.

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On the NSE, it fell 3.31 per cent to 1,417.45.

The firm’s net profit in January-March fell 37 per cent to 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 one-off spending. The company’s board approved a rights issue of 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 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 for ‘Maharashtra Day’.

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

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