Reliance Industries shares tumble 4%, m-cap tanks by ₹68,404 cr
Live MintShares of Reliance Industries Ltd on Monday declined 4% amid profit-taking in line with an overall weak trend in the equity market. During the early trade, the market heavyweight stock gained 1% after the company reported its best-ever quarterly performance in October-December 2021. Billionaire Mukesh Ambani's Reliance Industries Ltd on Friday reported its best-ever quarterly performance in October-December 2021, helped by an uptick in two 'Rs' -- refining and retail, a recent tariff hike accelerating growth at Jio and a one-off gain from the sale of US shale gas business. The oil-to-retail-to-telecom conglomerate's consolidated net profit rose 35.6% sequentially and 41.5% over the year-ago period to ₹18,549 crore in the quarter ended December 31, 2021, the firm said in a statement. Consolidated revenue of the nation's biggest company by market value rose 9.5% over the previous three months and 52.2% year-on-year to record ₹209,823 crore.