Reliance shares slide on debt, delay in project

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MUMBAI

Oct 22, 2018-

Shares in Reliance Industries dropped as much as 7 percent on Friday, the first trading session after it reported record second-quarter results, weighed down by the company’s heavy debt and a delay in a key refining project. The refining-to-telecom conglomerate posted on Wednesday a record consolidated quarterly profit of 95.16 billion rupees ($1.3 billion), driven by growth in its core petrochemicals division and consumer businesses of telecom and retail. Indian markets were closed for a holiday on Thursday, but shares in Reliance took a hit on Friday. (REUTERS)

Published: 22-10-2018 08:17

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