Shares of Mukesh Ambani-led Reliance Industries plunged as much as 7% in the afternoon trade on Friday, after the company reported lower-than-expected July-September earnings on Wednesday. At 1.45 PM (IST), shares of the company were trading at Rs 1093.80, down 4.80% from their previous close, after touching an intraday low of Rs 1073.15 and an intraday high of Rs 1105.10 per share. Meanwhile, benchmark indices BSE Sensex and NSE\u2019s Nifty 50 declined over 1% on Friday, mainly dragged by market heavyweights Reliance Industries and Infosys. Selloff in housing finance companies and NBFCs shares also continued, despite the Reserve Bank of India announcing more steps to increase credit flow to such companies. ALSO READ:\u00a0Share Market Live Updates: Sensex sheds 400 points, Nifty below 10,350; Mindtree shares fall 16%, housing finance stocks plunge On Wednesday, Reliance Industries reported a net profit of Rs 9,516 crore, up 17% on-year but lower than street expectations. In the same quarter last year, RIL had reported an 18% on-year rise in net profit to Rs 9,459 crore. According to a Bloomberg poll, RIL's consolidated net sales were expected to come in at Rs 1.41 trillion; net profit was estimated at Rs 9,630.20 crore by 10 brokers. Revenue of the company also increased by 54.5% to Rs 156,291 crore ($ 21.6 billion). Check LIVE stock prices: Reliance Industries Ltd After announcing the earnings, Reliance Industries also announced the acquisition of the majority stake in Den Networks\u00a0Limited and Hathway Cable and Datacom Limited.\u00a0Hathway will issue 90.8 crore shares to Reliance Jio at Rs 32.35 RIL's announcement came a few days after the conglomerate refused to comment on the development and called the news of its plan to acquire Hathway "media speculation and rumours". ALSO READ:\u00a0US trade war hammers Chinese tech stocks, Zhou Qunfei\u2019s Lens Technology biggest loser RIL had recently announced a\u00a0five-year content syndication deal between its video streaming platform JioTV and Star India, which enabled Jio users to watch live sports via Hotstar easily. Reliance Jio, on the other hand, collaborated with largest lender DBI in August to provide\u00a0next-generation experience with an exclusive digital-banking partnership by integrating\u00a0SBI YONO with\u00a0MyJio.