Reliance Industries, India’s most valuable company by market valuation, owned by Asia’s richest man Mukesh Ambani, suffered a significant setback on Monday. The company’s market valuation was wiped out by Rs 73,470.59 crore, reaching Rs 20,30,488.32 crore. This decline came after Reliance Industries reported a 5% drop in its net profit for the June quarter. The shares of the company experienced a dip of over 3%, causing the blue-chip stock to settle at Rs 3,001.10 on the BSE, down 3.49%. During the day, the stock further decreased by 3.56% to Rs 2,998.80. On the NSE, the stock witnessed a decline of 3.41%, closing at Rs 3,004. The trading volume for the day was 1.90 lakh shares at the BSE and 98.37 lakh shares at the NSE. The heavy selling pressure in Reliance Industries also negatively impacted the benchmark indices. The 30-share BSE Sensex dropped 102.57 points or 0.13% for the second consecutive day, settling at 80,502.08. Similarly, the NSE Nifty dipped 21.65 points or 0.09%, reaching 24,509.25. The decline in Reliance Industries’ profit was attributed to lower fuel cracks and petrochemical margins, despite gains in the telecom and retail businesses. The conglomerate’s consolidated net profit for the April-June period, the first quarter of the current 2023-24 fiscal year, reached Rs 15,138 crore, or Rs 22.37 per share. This represents a decrease compared to the previous year’s earnings of Rs 16,011 crore, or Rs 23.66 per share, as per the company’s statement.
Reliance Industries’ Market Valuation Drops by Rs 73,470 Crore Following Profit Dip
