Due to strong selling pressure, Reliance Industries’ share price fell 4% on Monday, hitting a nine-month low. The year-to-date (YTD) returns on Reliance shares are now negative due to this steep drop. RIL’s market value shrank to over 17.40 lakh crore as the company’s stock price fell as much as 4.03% during intraday trading on the BSE, to a low of 1,285.10 per share. Since its 52-week peak of 1,608.95 per share (adjusted for a 1:1 bonus), which was reached on July 8, Reliance stock has already dropped more than 20%.
As of November 4, Reliance’s stock has lost 0.5% so far this year. Nonetheless, Reliance stock has gained more than 11% in the last 12 months. The major indexes, the Sensex and Nifty 50, both fell more than 1.5% on Monday as the Indian stock market plummeted. All of the sectoral indexes were seeing sharp declines, with the biggest losses being in the oil and gas, metals, auto, and banking sectors.
Reliance Industries, an oil-to-telecom giant headed by billionaire Mukesh Ambani, reported a 4.77% decline in its consolidated net profit for the quarter ending September 2024, coming in at ₹16,563 crore, compared to 17,394 crore in the same quarter last year. From 2,38,797 crore in the same quarter last year to 2,40,357 crore in Q2, RIL’s overall income increased by 0.65%. While RIL’s EBITDA margin for the quarter was 17%, just less than the 17.5% reported in the same time previous year, the company’s consolidated EBITDA in Q2FY25 dropped 2% YoY to 43,934 crore.
