Reliance Industries stock dips 6% post Q3; analysts see up to 21% upside

Reliance Industries' consolidated net profit, of Rs 13,101 crore in the December quarter, jumped 37 per cent sequentially, and beat Street expectations of a 32 per cent QoQ profit improvement

Reliance Industries shares tanked as much nearly 5.7 per cent and hit an intra-day low of Rs 1,933 on the BSE on Monday as investors booked profits after the company announced its results for the third quarter ended December 2020 (Q3FY21). The numbers were unveiled post market hours on Friday.

The oil-to-telecom conglomerate's consolidated net profit of Rs 13,101 crore in the December quarter jumped 37 per cent sequentially, and beat Street expectations of a 32 per cent QoQ PAT improvement. On a yearly basis, the profit grew 12.5 per cent as lower expenses cushioned earnings even as revenues declined.