India's most valuable company, Reliance Industries, is headed by the richest man in India Mukesh Ambani. He is the chairman of around Rs 18.20 lakh crore market cap company. Reliance is expanding its business in various sectors through various new ventures and collaborations. However, the company's market valuation eroded by Rs 38,811.03 crore to Rs 18,18,654.15 crore on Tuesday in just 6.15 hours from 9.15 am to 3.30 pm (market timing).
It was due to Reliance shares declining 2 per cent today after the firm reported a 5 per cent fall in the July-September quarter net profit on Monday. The bellwether stock went lower by 2.09 per cent to settle at Rs 2,687.90 on the BSE. During the day, it fell by 2.32 per cent to Rs 2,681.25. At the NSE, it dropped 2.05 per cent to close at Rs 2,688.60 apiece. In traded volume terms, 6.44 lakh shares of the firm were traded at the BSE and 168.81 lakh shares on the NSE during the day.
On Monday, the company reported a 5 per cent fall in the July-September quarter net profit as weak oil refining and petrochemical business hurt operational performance. Its consolidated net profit fell to Rs 16,563 crore or Rs 24.48 per share in July-September - the second quarter of the current fiscal - compared to Rs Rs 17,394 crore or Rs 25.71 a share in the same period a year back, according to a company statement.
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While retail and telecom businesses posted steady performance, the oil-to-chemical (O2C) business, which is made up of twin oil refineries at Jamnagar in Gujarat and petrochemical units saw margins shrink on global oversupply.
(With inputs from PTI)
