Reliance Industries‘ shares declined by over 4% reaching a nine-month low on Monday.
What Happened: Shares of the Mukesh Ambani-owned firm declined to reach ₹1,285.20, the lowest since January 8 this year. The oil-to-telecom conglomerate’s market capitalisation now stands at approximately ₹17.5 lakh crore.
This sharp decline has turned Reliance shares' year-to-date (YTD) returns negative. On a YTD basis, Reliance’s shares have declined 0.25%. However, in the past year, shares of the company have increased by 10.47%.
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The conglomerate’s shares touched a record high of ₹1,608.80 on July 8, 2024. Since then, Reliance’s stocks have gone down by over 18%.
The fall comes amid a broader market crash on Monday which saw Nifty 50 decline by 1.77% and BSE Sensex go down by 1.68% ahead of the U.S. presidential elections.
The conglomerate had posted a 4.8% drop in its consolidated net profit to ₹16,563 crore in the second quarter. Revenue from operations rose marginally to ₹2.31 lakh crore. The numbers beat street estimates on net profit but missed revenue expectations. EBITDA for the quarter came in at ₹39,058 crore. EBITDA margin was at 16.9%.
Price Action: Shares of Reliance Industries lost 3.49% to trade at ₹1,291.95 on Monday afternoon.
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