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Shares of Reliance Industries (RIL) on Monday fell over 3 per cent initially after the company posted its biggest drop in quarterly net profit.
The scrip of the company declined 3.22 per cent to Rs 1,419.75 on the BSE in early trades. However, it recouped its losses in the mid-session and was quoted at Rs 1,442.55, down by 1.67% or Rs 24.50
On the NSE, it fell 3.31 per cent to Rs 1,417.45 before trading at Rs 1,441.70..
The firm’s net profit in January-March fell 37 per cent to Rs 6,546 crore, the lowest in three years, as a rise in consumer-facing business was not enough to shield the firm from fall in the petrochemical business. The profit was also down due to one-off spending.
The company’s board approved a rights issue of Rs 53,125 crore, which it said was the biggest in India and the first by RIL in three decades.
“The price of rights issue has been determined at Rs 1,257 per share and the share ratio at 1:15,” the company said in a statement on Thursday.
Domestic equity markets were closed on Friday for ‘Maharashtra Day’
Meanwhile, earlier in the day, Silver Lake - one of the world’s largest tech investors - agreed to invest Rs 5,655.75 crore to buy a 1.15 per cent stake in Jio Platfroms. The announcement comes within days of Facebook’s Rs 43,574 crore deal.
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