December 02, 2024 22:06 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Akal Takht punishes Sukbir Singh Badal with toilet cleaning duties over 2015 sacrilege case | What's going on?: Supreme Court questions Senthil Balaji's reinstatement as Tamil Nadu minister immediately after bail | Popular UPSC teacher Avadh Ojha joins AAP ahead of Delhi polls | UN force should be deployed, PM Modi must intervene: Mamata Banerjee on Bangladesh unrest | Adani issue exposes cracks in INDIA bloc as TMC skips key Opposition meet in Delhi
Mukesh Ambani's Reliance Industries loses over $50 billion in market cap on earnings dismay
RIL
Mukesh Ambani's RIL suffers a loss of over Rs 4 lakh crore in market cap. File photo from Wallpaper Cave

Mukesh Ambani's Reliance Industries loses over $50 billion in market cap on earnings dismay

| @indiablooms | 08 Nov 2024, 01:34 pm

Mumbai/IBNS: Reliance Industries Ltd. has seen a decline of nearly $50 billion (Rs 4.2 lakh crore) in market capitalization since reaching a peak in July, as the Indian conglomerate contends with weaker earnings and a slowing economy, reports Bloomberg.

Shares of the refining-to-retail giant, headed by billionaire Mukesh Ambani, have shown minimal gains this year, significantly underperforming the NSE Nifty 50 Index—the largest performance gap in almost a decade.

Despite recent pressures from foreign selloffs and concerns about earnings growth, India's major indexes remain some of the best-performing in Asia for 2024.

The recent slump in Reliance's stock primarily stems from underwhelming quarterly earnings, which missed analyst forecasts for the sixth consecutive quarter due to sluggish demand in its core oils-to-chemicals sector, according to the Bloomberg report.

While the company offered a one-for-one bonus share to investors at its annual meeting in August, it withheld anticipated announcements about the public listings of its telecom and retail arms.

Meanwhile, its telecom division, Reliance Jio Infocomm Ltd., reported a subscriber drop in August following a recent tariff increase.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.