RIL chairman Mukesh Ambani
RIL chairman Mukesh Ambani
File photo

A day after 9% fall in shares of Reliance Industries Ltd (RIL) on Monday, the scrip again opened in red on Tuesday. RIL shares are currently trading at Rs 1,874.85, Rs 2.60 or 0.14% below yesterday's closing price.

Earlier on Monday, RIL shares tanked nearly 8.62% after the company reported a 15% drop in second quarter net profit. The stock closed at Rs 1,877.30 on the BSE. During the day, it tanked 9.46% to Rs 1,860.

On the NSE, it declined 8.61% 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% 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% to Rs 8,345 crore as revenues soared by more than one-third.

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

(With PTI inputs)

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Free Press Journal