India’s Reliance eases off highs as 1Q profit dips

FILE PHOTO: Labourers rest in front of an advertisement for Reliance Industries at a construction site in Mumbai, India, March 2, 2016. REUTERS/Shailesh Andrade/File Photo

BENGALURU: Shares of Reliance Industries, India’s largest company by market capitalisation, falls nearly 3%, the most in nearly two weeks, after the conglomerate posts a bigger-than-expected drop in profit.

The stock also slid 3.1% last Friday, ahead of the results, but that came after a rally of a little over 13% this month ahead of the demerger of Jio Financial Services last Thursday when the stock hit a record high.