Reliance Industries shares slump 7% post Q2 results

Shares of Reliance Industries Friday slumped 7 per cent despite the company reporting its highest ever quarterly net profit in the July-September quarter. The stock opened lower and declined further by 6.59 per cent to Rs 1,073.15 on BSE.


At NSE, shares of the company dived 7 per cent to Rs 1,070.25. In terms of equity volume, 10.50 lakh shares of the company were traded on BSE and over one crore shares changed hands at NSE during the morning trade.


Reliance Industries Wednesday reported its highest ever quarterly net profit of Rs 9,516 crore in July-September as record earnings from petrochemical business and bumper earnings from retail business and telecom arm made up for a decline in refinery margins.


The operator of world's largest oil refining complex however saw pre-tax earnings from the business decline for the second quarter in a row. It fell 19.6 per cent to Rs 5,322 crore as margins dipped. In the first quarter the pre-tax earnings had fallen 16.8 per cent. -- PTI