Shares of Mukesh Ambani-led Reliance Industries on Monday’s trading session showed weak momentum.  During the mid-noon session of trade Reliance industries stock stood at Rs 1900 per share down by 7.5 percent.

This weak trend is seen after the company posted the financial outcome. As reported by the Company, its revenues and profits declined for the quarter ending September 30, 2020. The oil to telecom conglomerate witnessed its net profit fall 6.6 percent year-on-year to Rs 10,602 crore in the July-September period. Revenue fell 24 percent over the same period last year to Rs 1.16 lakh crore.

Earnings growth for the company was led by telecom and retail, which posted strong numbers. However, a decline in gross refining margins at the company is what hit the profits at the company. Most analysts, however, continue to remain bullish on the stock.

During the mid-noon sessions, the BSE Sensex stood at 39492-mark down by 121 points and the NSE Nifty pointed at 11599-mark, down by 42 points in trade.

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