Reliance Industries shares shed one per cent on Q2 result

Reliance Industries (RIL) shed one per cent on the bourses on Tuesday after investor sentiment was marred by the company reporting its fourth consecutive quarter of loss.

RIL had on Monday reported a 5.7 per cent drop in net profit to Rs 5,376 crore for the second quarter ended September 30, hurt by weak demand and lower natural gas output.

The Mukesh Ambani-led company had posted a profit of Rs 5,703 crore in the previous year.

After opening the trade on a strong note, RIL shares dropped 1.21 per cent to close the day's trade at Rs 813.25 on the Bombay Stock Exchange.

On the National Stock Exchange, the scrip rose initially before shedding 1.29 per cent to Rs 812.45.

Even though Reliance Industries reported a sequential rise of 20 per cent in net profit - from Rs 4,473 crore in the first quarter - market analysts said investors weighed heavily on the second quarter being the fourth in running when the Mukesh Ambani firm has reported a loss.

The BSE Sensex, meanwhile, erased initial gains to close 136 points lower at a nearly three-week low on heavy selling in RIL, Larsen & Toubro, Tata Motors and Mahindra & Mahindra shares.

With inputs from agencies