Nearly 1.78 crore shares changed hands around 3:20 PM. RIL’s market capitalisation also fell below the Rs 20 lakh crore mark after breaching it briefly during the day’s trade.
RIL had a long-term deal to buy nearly 500,000 barrels per day of crude from the Russian company.
Reuters reported about the likely halt, citing two sources in the know of the situation.
Reliance, the top Indian buyer of Russian crude, also buys Russian oil from the spot market for its refining complex, the world’s biggest, with a capacity to process 1.4 million bpd of oil, the report said.
RIL shares ended 1.17% lower at Rs 1,448 apiece on the NSE on Thursday. Earlier in the week, Reliance Industries’ shares rallied strongly on Monday, rising as much as 3.6% after the announcement of its September quarter earnings on Friday after market hours. The Mukesh Ambani-led company reported a 10% year-on-year growth in its consolidated Q2 net profit at Rs 18,165 crore versus Rs 16,563 crore reported in the year-ago period. The profit after tax (PAT) is attributable to the owners of the company.
The company’s revenue from operations in the quarter under review stood at Rs 2.59 lakh crore, which was up 10% over Rs 2.35 lakh crore in the corresponding quarter of the last financial year.
While PAT missed Street’s estimate of Rs 18,643 crore, the topline beat estimates of Rs 2.51 lakh crore.
The gross revenue for RIL stood at Rs 2.83 lakh crore, which was also up 10% on a YoY basis.
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The company’s Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) in the quarter under review stood at Rs 50,367 crore, up 15% YoY. The EBITDA margin was reported at 17.8%, gaining 80 bps over the corresponding quarter of the last financial year.
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