Shares of Reliance Industries on Tuesday ended over 3 per cent lower, wiping out Rs 11,579.7 crore from its market valuation, after the company’s third quarter earnings failed to cheer investors. The stock closed the day 3.31 per cent down at Rs 1,041.30 on BSE. During the day, it dipped 3.62 per cent to Rs 1,038 apiece.
On NSE, it slipped 3.25 per cent to end at Rs 1,041.25. led by the decline in the stock price, the company’s market valuation tumbled by Rs 11,579.7 crore to Rs 3,37,755.30 crore. The stock was the worst hit among the bluechips on both Sensex and Nifty. On the volume front, 7.05 lakh shares of the company were traded on BSE and over 89 lakh shares changed hands on NSE during the day. “Results slightly missed our estimates,” brokerage Emkay Global Financial Services said in a note. RIl on Monday reported a 3.6 per cent rise in its third quarter net profit after a dip in refinery margins was offset by robust petrochemical earnings.
Consolidated net profit of Rs 7,506 crore, or Rs 25.4 a share, in October-December, was 3.6 per cent higher than Rs 7,245 crore, or Rs 24.5 per share, in the same period a year back, the company said in a statement. RIl, which owns the world's largest refining complex, earned $10.8 on turning every barrel of crude oil into fuel as compared to a gross refining margin (GRM) of $11.5 in third quarter of 2015-16 fiscal.