Reliance Industries loses $50 billion in market cap on earnings dismay

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Abhishek Mukherjee
Abhishek Mukherjeehttps://www.hospitalitycareerprofile.com/
Abhishek Mukherjee is a seasoned market analyst with a deep understanding of financial trends and economic shifts. With years of experience in the field, Abhishek brings insightful analysis and up-to-date market news to help readers stay informed. His expertise spans stock markets, financial forecasts, and economic policy changes, making him a trusted voice in the industry.
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Reliance Industries Ltd. has erased nearly $50 billion in market capitalization since its peak in July as probably the most precious Indian agency struggles with weakening earnings and an financial slowdown.

Shares of the refining-to-retail conglomerate led by billionaire Mukesh Ambani have barely risen this 12 months, trailing the benchmark NSE Nifty 50 Index by the widest margin in roughly a decade. Whereas broader Indian markets have come below strain in current months as a result of a overseas selloff and earnings progress considerations, the nation’s key gauges are nonetheless amongst Asia’s best-performing main markets in 2024.

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The majority of the current drop in Reliance’s shares follows disappointing outcomes final month. The agency’s earnings missed consensus estimates for the sixth straight quarter amid a muted demand atmosphere for its key oils-to-chemicals enterprise.

The corporate supplied traders one free share for every held at its annual shareholders’ assembly in August, although it gave no particulars on the much-awaited listings of its telecom and retail models. Its wi-fi service division Reliance Jio Infocomm Ltd. misplaced subscribers that month after a tariff hike.

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