Reliance Industries shares close lower after earnings announcement

 Shares of Reliance Industries Ltd on Monday dipped over 1 per cent after the company reported a 7 per cent drop in its June quarter net profit.

The market heavyweight stock went lower by 1.31 per cent to close at Rs 2,077.70 on the BSE. During the day, it dipped 1.59 per cent to Rs 2,071.70.

On the NSE, it was down 1.37 per cent to close at Rs 2,076.85.

In traded volume terms, 3.78 lakh shares were traded at the BSE and over 57.17 lakh units at the NSE during the day.

The company's market valuation tumbled Rs 17,433.47 crore to Rs 13,17,146.10 crore on the BSE.

Reliance Industries Ltd on Friday reported a 7 per cent drop in its June quarter net profit as higher expenses negated smart gains across businesses from O2C to telecom and retail.

Consolidated net profit of Rs 12,273 crore in April-June compared with Rs 13,233 crore a year ago, the company said in a statement.

Expenses, including taxes, soared over 50 per cent, neutralising gains in oil-to-chemicals (O2C), telecom, and retail businesses. Expenses rose to Rs 1.31 lakh crore, including tax expenses climbing to Rs 3,464 crore.

The results indicated a minimal impact of the second wave of COVID on operating and financial performance. Diversified portfolio across the entire consumption basket led to record earnings even in a subdued quarter.

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