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Shares of Reliance Industries Ltd fall as much as 3 per cent to Rs 1,345.05, posting their worst intra-day fall since December 11.
The conglomerate posted record quarterly profit on Thursday, boosted by its retail and telecom business, but its core operations of petrochemical and refining reported weak results.
The company said that the transfer of fibre and tower undertakings to separate companies was completed on March 31, its liabilities was worth Rs 1,07,000 crore, transferred from Jio's balance sheet.
Also read:Petrochem, retail, digital help RIL post 45% jump in FY19 revenue to Rs 6.2 lakh cr
Analysts at Jefferies say that the results were broadly in line, but the net liabilities have risen considerably. They have raised the price target to Rs 990 from Rs 935.
CIMB says that the demerger of telecom assets reduces reported debt, but it will be accompanied by an increase in fixed costs for Jio. It maintains a “reduce” rating with PT of Rs 1,030.
More than 40 lahk shares traded by 0433 GMT compared with 30-day average of 93 lakhshares traded.
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