Reliance share price tanks over 3%

Reliance Industries' fiscal first quarter consolidated net profit fell short of street expectations, causing the company's share price to drop more than 3% to Rs 2,425 per share on the BSE on Monday. In contrast to expectations for a 100% increase in net profit, Mukesh Ambani's RIL reported a 46% year-over-year increase in net profit to Rs 17955 crore. RIL reported a net profit of $12,272 crore for the quarter ending in April-June of the previous year. The share price of RIL could increase by up to 28% from its most recent close, according to research and brokerage firms, who think that the company's new energy business could start the next phase of growth.

O2C business has produced its best performance ever, according to Chairman and Managing Director Mukesh Ambani, despite significant challenges brought on by the constrained crude markets and higher energy and freight costs. The company's quarterly performance was its best ever, and its revenue and EBITDA were both record-high. Additionally, Reliance Jio, a telecom subsidiary of RIL, reported a net profit of Rs 4,335 crore for the April-June quarter of the current fiscal year, up 23% from a year earlier but falling short of street expectations. Its independent revenue for the analysed quarter was Rs 21,955 crore.