Reliance Industries shares fall 2% after Q1 earnings

New Delhi: Shares of Reliance Industries on Monday fell by 2 per cent in the morning trade after the market heavyweight reported an 11 per cent drop in its June quarter net profit.

In the early trade, the stock fell 2.03 per cent to Rs 2,487.30 apiece on the NSE.

The scrip witnessed a similar movement on the BSE, where it slumped by 1.96 per cent to Rs 2,486.50 per piece.

The 30-share BSE Sensex is trading 55.66 points or 0.08 per cent lower at 66,628.60 points.

In a regulatory filing on Friday, Reliance Industries Ltd said that it had reported an 11 per cent drop in its June quarter net profit largely due to weak oil-to-chemical (O2C) vertical and higher interest and depreciation cost.

Its net profit was Rs 16,011 crore, or Rs 23.66 earnings per share, in April-June -- the first quarter of current 2023-24 fiscal year -- compared with Rs 17,955 crore, or Rs 26.54 a share, a year back, the company said.

The net profit was also lower quarter-on-quarter when compared with record Rs 19,299 crore earnings in the preceding three months ended on March 31, it added.