Reliance share price extends fall, wipes off Rs 55,000 crore in m-cap in just 2 trading sessions

By: | Updated: October 22, 2018 5:31 PM

RIL share price: Reliance share price closed Monday's trade 3.56% lower at Rs 1,062.45 per share, with m-cap of the company at Rs 6,73,431.21 crore.

reliance share price, RIL share priceReliance share price closed Monday’s trade 3.56% lower at Rs 1,062.45 per share on the BSE.

Reliance share price: Mukesh Ambani-led Reliance Industries share price slipped 4% intra-day on Monday — extending its Friday’s fall — even as weaker than expected Q2 earnings announcement continued to dampen investor sentiment. On Friday last week, RIL share price had plunged nearly 7% to an intra-day low of Rs 1,073.15 per share following Q2 results that failed to meet analysts expectations. In just two days of fall, nearly Rs 54,800 crore of investors’ money was wiped off from the market.

On Wednesday last week, Reliance Industries reported a net profit of Rs 9,516 crore — up 17% year-on-year — which was 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. Following the announcement, RIL share price had plunged nearly 7% on Friday, recovering later to close trade 4% lower. However, the shares extended their fall on Monday and plunged 4.02% to an intra-day low of Rs 1,057.35 per share on the BSE.

Also read: Share market HIGHLIGHTS: Sensex closes 181 points lower, Nifty ends below 10,250; Reliance top index drag

Reliance share price closed Monday’s trade 3.56% lower at Rs 1,062.45 per share and was the top contributor to the Sensex’s fall. By the end of Monday’s trade, the market capitalisation of Reliance Industries stood at Rs 6,73,431.21 crore. While RIL share price has gained almost 15% from last year’s closing price at Rs 921.05, the stock is down 13% since the beginning of October.

Last week, Reliance Industries reported a 17% rise in net profit for the second quarter ended September 2018, which was lower than street expectations. Revenue of the company also increased by 54.5% to Rs 156,291 crore ($ 21.6 billion). A Bloomberg poll had showed that RIL’s consolidated net sales were expected to come in at Rs 1.41 trillion, while net profit was estimated at Rs 9,630.20 crore by 10 brokers.

Also read: RIL share price today slumps up to 7% after Mukesh Ambani announces weaker than expected Q2 earnings

After Q2 results, Reliance Industries also announced the acquisition of the majority stake in the two digital cable companies Den Networks Limited and Hathway Cable and Datacom Limited. The 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”.

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