Oil-To-Telecom giant Reliance Industries posted its biggest drop in quarterly net profit, even as it announced India's largest rights issue on Thursday. Reliance Industries Ltd’s quarterly profit fell for the first time in three years as its dominant energy business suffered inventory losses due to the crash in crude oil prices.
The company, which operates the world’s largest oil refining complex, said it wrote off Rs 4,245 crore in inventory losses.
As a result, consolidated profit of the conglomerate plunged 39% to Rs 6,348 crore in the three months ended March 31, from a year earlier.
However, Reliance Jio, the group's telecom arm, posted a robust 177.5% surge in standalone net profit to Rs 2,331 crore as the subscriber base rose to 387.5 million.
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