Reliance Stock Slumps 4% Post results

Shares in Mukesh Ambani-led Reliance Industries slumped 4 per cent as revenues and profits at the company fell for the quarter ending Sept 30, 2020.

The oil to telecom major saw its net profit fall 6.6% year-on-year to Rs 10,602 crore in the July-September period. Revenue fell 24% over the same period last year to Rs 1.16 lakh crore.

Earnings growth for the company were led by telecom and retail, which posted decent numbers. However, a fall in gross refining margins at the company is what hit the profits at the company.

Reliance Industries shares were down 4.4 per cent at Rs 1,860 at 10 am. Most analysts, however, continue to remain bullish on the stock.