NEW DELHI: Shares of Reliance Industries Ltd (RIL) fell as much as 3.2% in early deals on Monday, as investors found the company's March quarter results, announced last week, underwhelming.
By 12pm, the stock had pared some losses and traded ₹1,442 apiece, down 1.7% from previous close. Benchmark indices Sensex and Nifty 50 were down nearly 5% each.
On a consolidated basis, RIL's net profit fell 38.7% to ₹6,348 crore for the quarter ended March 2020, while net sales declined 2.5% to ₹1.51 trillion in Q4 FY2020. "RIL reported Q4FY20 results that were slightly underwhelming.
While refining and retail business did better than expected, the petrochem business disappointed majorly. Even the telecom business fared slightly below expectations