Reliance Industries shares fall over 3% after Q4 earnings; Silver Lake to invest Rs 5,655.75 cr in Reliance Jio

New Delhi: Shares of Reliance Industries (RIL) on Monday fell over 3 percent after the company posted its biggest drop in quarterly net profit.

The scrip of the company declined 3.22 percent to Rs 1,419.75 on the BSE.

On the NSE, it fell 3.31 percent to Rs 1,417.45.

The firm’s net profit in January-March fell 37 percent to Rs 6,546 crore, the lowest in three years, as a rise in consumer-facing business was not enough to shield the firm from fall in the petrochemical business. The profit was also down due to one-off spending.

The company’s board approved a rights issue of Rs 53,125 crore, which it said was the biggest in India and the first by RIL in three decades.

“The price of rights issue has been determined at Rs 1,257 per share and the share ratio at 1:15,” the company said in a statement on Thursday.

Domestic equity markets were closed on Friday for ‘Maharashtra Day’.

Meanwhile, earlier in the day, Silver Lake -one of the world’s largest tech investors-agreed to invest Rs 5,655.75 crore to buy a 1.15 per cent stake in Jio Platfroms. The announcement comes within days of Facebook’s Rs 43,574 crore deal.

(Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd which publishes Firstpost)