Reliance Industries Shares Fall Over 2% After Q1 Profit Misses Estimates

Shares of Reliance Industries fell 2.20% to Rs 2,483 apiece as of 9:22 a.m., as compared to a 0.09% decline in the NSE Nifty 50. The scrip declined as much as 2.74% intraday after having fallen as much as 33.67% intraday on Friday.

However, on a year-to-date basis, the stock has risen nearly 6.7%. The relative strength index was at 54.5.

Out of the 40 analysts tracking the company, 33 maintain a 'buy' rating, four recommend a 'hold' and three suggest a 'sell' on the stock, according to Bloomberg data. The average 12-month consensus price target implies a potential upside of 10.9%.