Shares of Reliance Industries on Friday fell by 2.5 per cent after the company reported 23 per cent decline in second quarter net profit. The stock, even after a positive opening, failed to hold on to the gains and slipped 2.51 per cent to Rs 1,061.10 on BSE.
At NSE, shares of the company went down by 2.33 per cent to Rs 1,062.15. Reliance Industries on Thursday reported 23 per cent drop in second quarter net profit as compared to last year’s figure, which was boosted by income from sale of US shale gas assets.
The company reported a consolidated net profit of Rs 7,206 crore in the July-September quarter, lower than Rs 9,345 crore in the same period a year ago. After excluding the exceptional item, the net profit was up 43.1 per cent.
The owner of world’s largest refining complex saw profits from the refining business dip 9.4 per cent as it earned $10.1 on turning every barrel of crude oil into fuel in the second quarter, lower than $10.6 per barrel gross refining margin in the same period of last fiscal.