A maturing market amid the mayhem
Reliance Ind shares fall 3.7 pct
Reliance Industries, India’s top listed company, struggled on the first trading day of the week after posting disappointing results on Friday.
The energy major slipped 3.7 percent to close at 1939 rupees, dragging the BSE Oil & Gas Index down 3 percent.
The company said quarterly net profit fell 11.5 percent to 36.36 billion rupees from 41.1 billion a year ago, its third straight quarterly decline. The results were worse than what the market was expecting.
Mukesh Ambani-led Reliance Ind is involved in a gas supply dispute with Reliance Natural Resources, which is led by Mukesh’s brother Anil.
The Bombay High Court last month ruled in favour of Reliance Natural, triggering an over 7 percent fall in Reliance Ind shares on June 15.
But investors have been rewarded well in the past – the counter has jumped over 20 percent since early April this year (see chart).
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