Brief by Shorts91 Newsdesk / 05:56pm on 09 Nov 2024,Saturday Business
Reliance Industries Ltd. has lost nearly $50 billion in market value since July, as weak earnings and an economic slowdown take a toll. The company’s shares have lagged behind India’s broader market, which remains strong in 2024. The main reason for the decline is disappointing results from its oils-to-chemicals business, which has struggled with low demand. This marks the sixth consecutive quarter of missed earnings estimates. The company also faced setbacks when its telecom division, Reliance Jio, lost subscribers after raising tariffs. Reliance had offered free shares at its annual meeting, but provided no updates on upcoming listings.
