Shares of RIL today pared initial gains to close over one per cent lower on intense selling,a day after the company announced 5.7 per cent drop in second quarter profit.
The scrip of the country’s most valued firm settled at Rs 813.25,down 1.21 per cent from its last close on the BSE.
RIL has a market value of Rs 2,63,129 crore.
Analysts said sentiment dampened as investors focused on RIL reporting fourth straight quarterly drop in profit.
“…one-sided selling pressure was witnessed through the end. Broad-based selling was seen,with RIL losing over 1 per cent after announcing results,” Nidhi Sarswat,Senior Research Analyst,Bonanza Portfolio said.
Reliance Industries yesterday reported its fourth consecutive drop in quarterly net profit,hurt by weak demand and lower natural gas output,but sequentially its earnings had rebounded.
RIL said its July-September net profit at Rs 5,376 crore,fell 5.7 per cent from Rs 5,703 crore in the previous year.
Sequentially,however,the net profit was up 20 per cent from Rs 4,473 crore in the first quarter (April-June) of the current fiscal. Also,profits before tax were up 25 per cent on a sequential basis at Rs 6,803 crore.
Meanwhile,in the broader market,the Sensex ended at 18,577.70,down 135.85 points.