RIL shares fall 2% after 11.9 lakh shares change hands in a block deal
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Shares of Mukesh Ambani-owned Reliance Industries (RIL) today fell by 2% to an intraday low of Rs 1,278.70 on the BSE after 11.9 lakh equity shares of the company changed hands in a block deal. The official parties of the transaction as well as the price at which the securities were traded are not currently known. Reliance Industries shares have been in a downtrend over the past few months, losing nearly $50 billion in market capitalization since their peak in July. The Mukesh Ambani-led company faces challenges from declining earnings and an economic slowdown. For the second quarter of the current fiscal, Mukesh Ambani-owned firm reported a 5% decline in its consolidated net profit to Rs 16,563 crore, against Rs 17,394 crore in the year-ago period. Revenue from operations increased by a marginal 0.2% year-on-year (YoY) to Rs 2.35 lakh crore in the reporting period. Reliance Industries recently issued bonus shares to its investors. RIL bo...