In only one day, Mukesh Ambani's Reliance loses Rs 73470 crore.
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| Mukesh Ambani Indian Businessman |
Reliance Industries, the most valuable corporation in India based on market valuation, is owned by Mukesh Ambani. According to Forbes, as of July 22, he has a net worth of Rs 976320 crore, making him the richest man in Asia. Reliance Industries, which operates in a number of industries including telecom, retail, and oil, is chaired by him.
The market value of the firm dropped to Rs 20,30,488.32 crore on Monday, a loss of Rs 73,470.59 crore. It happened after Reliance's stock fell more than 3% following the announcement of a 5% decline in net earnings for the June quarter.
On the BSE, the blue-chip stock fell 3.49% to close at Rs 3,001.10. It dropped by 3.56% during the day to Rs 2,998.80. It dropped 3.41 percent to Rs 3,004 on the NSE. During the day, 1.90 lakh and 98.37 lakh shares of the business were traded at the BSE and NSE, respectively, in terms of trading volume.
On the BSE, the blue-chip stock fell 3.49% to close at Rs 3,001.10. It dropped by 3.56% during the day to Rs 2,998.80. It dropped 3.41 percent to Rs 3,004 on the NSE. During the day, 1.90 lakh and 98.37 lakh shares of the business were traded at the BSE and NSE, respectively, in terms of trading volume.
The benchmark indexes were also driven down by strong selling pressure in Reliance Industries. The 30-share BSE Sensex dropped 102.57 points, or 0.13 percent, to close at 80,502.08, marking the second consecutive day of declines. To reach 24,509.25, the NSE Nifty fell 21.65 points, or 0.09 percent.
Reliance Industries Ltd. reported a 5% decline in net profit for the June quarter on Friday, with improvements in telecom and retail operations being outpaced by lower fuel cracking and petrochemical margins. According to a business release, the conglomerate's consolidated net profit for the April–June quarter of the current fiscal year, 2023–24, was Rs 15,138 crore, or Rs 22.37 per share, as opposed to Rs 16,011 crore, or Rs 23.66 a share, for the same time last year.
Reliance Industries Ltd. reported a 5% decline in net profit for the June quarter on Friday, with improvements in telecom and retail operations being outpaced by lower fuel cracking and petrochemical margins. According to a business release, the conglomerate's consolidated net profit for the April–June quarter of the current fiscal year, 2023–24, was Rs 15,138 crore, or Rs 22.37 per share, as opposed to Rs 16,011 crore, or Rs 23.66 a share, for the same time last year.
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