At 11:04 am IST, Reliance Industries Ltd. slumped nearly 5 percent after the company reported its earnings for the fiscal third quarter ended December. RIL’s consolidated revenue declined 18.6 percent from Rs 1.69 trillion a year ago to Rs 1.38 trillion. So far today, the scrip has touched a low of Rs1,953.40 apiece on the BSE, down as much as 4.69% from its previous close.
According to analysts, weak oil to chemical operations, lower net additions from Jio and fall in retail revenues sequentially, weighed down the RIL stock. While profits were decent, revenues were lower than estimates for both Reliance Jio and Reliance Retail. Jio’s net subscriber additions at 5 million were its lowest ever in a quarter.
The company highlighted that continued impact of Coronavirus and campaigns against Reliance in some areas kept churn high in 3Q.
