Reliance shares slide on debt, delay in key project
MUMBAI (Reuters) - Shares in Reliance Industries dropped as much as 7 percent, the first trading session after it reported record second-quarter results, weighed down by the company’s heavy debt and a delay in a key refining project.
The refining-to-telecom conglomerate posted on Wednesday a record consolidated quarterly profit of 95.16 billion rupees ($1.3 billion), driven by growth in its core petrochemicals division and consumer businesses of telecom and retail.
Indian markets were closed for a holiday on Thursday, but shares in Reliance took a hit on Friday with some investors concerned by the company’s debt load and the delay in its $5 billion
“We think the earnings momentum will remain strong, but a material improvement in credit metrics is still less likely as telco
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