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RIL Shares Plunge Over 4%; Top Sensex Loser

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Shares of Reliance Industries ended with over 4 per cent loss on Monday (20 April), wiping-out Rs 13,282 crore from its market valuation on profit-booking even as the company reported its highest quarterly net profit in more than seven years for the January-March period.

Despite a positive opening, shares of the company failed to hold the momentum and fell prey to profit-booking, ending 4.46 per cent lower at Rs 885.55 on the BSE. During the day, it slipped 5.18 per cent to Rs 878.75.

The blue-chip stock was the biggest loser among the 30 Sensex scrips.

On the NSE, it fell by 4.44 per cent to Rs 885.65.

Following the dip, RIL's market valuation tumbled Rs 13,282 crore to Rs 2,86,559.94 crore.

"Shares of oil & gas major Reliance Industries tumbled more than 4.5 per cent even after satisfactory Q4 results," said Rakesh Goyal, Senior Vice President, Bonanza Portfolio.

On the volume front, 8.28 lakh shares of the company changed hands at the BSE and more than 86 lakh shares were traded at the NSE during the day.

Reliance Industries had on Friday (17 April) reported its highest quarterly net profit in more than seven years for the quarter ended March 31 (2014-15) as record refining margins helped offset dip in petrochemical and oil and gas businesses.

Consolidated net profit in the January-March quarter at Rs 6,381 crore, or Rs 21.7 a share, was 8.5 per cent higher than Rs 5,881 crore, or Rs 20 per share, profit a year ago.

Standalone net profit was up 10.8 per cent at Rs 6,243 crore.

This is the highest quarterly net profit for RIL, since it clocked Rs 8,079 crore net profit in the third quarter of 2007-08.

In the broader market the BSE benchmark Sensex ended 555.89 points lower at 27,886.21.


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