Shares of Reliance Industries Ltd tumbled over 4 percent on Monday after the company's March quarter earnings failed to cheer investors.
The stock has been quoting lower for the past many days and further slumped 3.97 percent to settle at Rs 2,517.15 apiece on the BSE. During the day, it tanked 4.35 percent to Rs 2,507.10 amid a weak trend in the broader market.
On the NSE, the stock declined 4.29 percent to end at Rs 2,508 apiece.
Since April 29, the stock has fallen 10.71 percent on the BSE and the company's market valuation has also tumbled Rs 2,04,624.12 crore to Rs 17,02,844.88 crore during this time.
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The 30-share BSE Sensex settled 364.91 points or 0.67 percent lower at 54,470.67 on Monday. Reliance Industries was the biggest drag among the Sensex and Nifty firms.
''Post the results, Reliance Industries came under severe hammering, which dragged the overall markets,'' said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.
On Friday, billionaire Mukesh Ambani's Reliance Industries Ltd reported a 22.5 per cent rise in net profit for the quarter ended March on the back of bumper oil refining margins, steady growth in telecom and digital services and strong momentum in the retail business.
The oil-to-retail-to-telecom conglomerate's consolidated net profit rose to Rs 16,203 crore in the quarter ended March 2022 from Rs 13,227 crore, the firm said in a statement.
Net profit, however, fell 12.6 percent sequentially -- breaking a six-quarter chain of quarter-on-quarter improvement.
Reliance's earnings also rose because of a rise in broadband subscribers, online retail gaining traction and new energy investment picking roots.
Consolidated revenue of the nation's biggest company by market value rose 35 percent year-on-year to Rs 2.32 lakh crore in the fourth quarter of FY22.
(With PTI inputs)
