Reliance Industries Shares Fall As June Quarter Revenue Drops 44%

Reliance Industries shares declined nearly 2 per cent in early trade on Friday, a day after billionaire Mukesh Ambani-led oil-to-telecom conglomerate reported a 31 per cent jump in net profit to Rs 13,233 crore in the April-June period. The Reliance Industries Limited (RIL) stock fell as much as 1.80 per cent to Rs 2,070.70 apiece on the BSE compared to its previous close of Rs 2,108.65, after starting the session at Rs 2,125.00. The April-June profit beat analysts' estimates. Analysts had on average expected Reliance Industries' profit at Rs 7,457 crore, news agency Reuters reported citing Refinitiv data. (Track Reliance Industries Shares Here)

COVID-19 impacted the group's operations and revenue during the quarter, said Reliance Industries, which reported a decline of 44 per cent in revenue to Rs 91,238 crore in the first quarter of current financial year.

Reliance Industries said its gross refining margin (GRM) - a key measure of profitability for an oil refining company - reduced to $6.3 per barrel in the April-June period from $8.9 per barrel in the previous quarter, impacted by lower product cracks and a narrower light-heavy crude differential.

At 9:47 am, RIL shares traded 1.17 per cent lower at Rs 2,084.05 apiece on the bourse, underperforming the benchmark S&P BSE Sensex index which was up 0.33 per cent amid choppy trade. 

Reliance Industries shares have broken a series of records over the past few weeks. At Thursday's closing price, Reliance Industries remains the country's most valuable company with a market capitalisation (M-Cap) of Rs 13.59 lakh crore.