Reliance Industries share falls over 9% in three sessions, here's why

Share of Reliance Industries Limited (RIL) fell over 2% in early trade amid profit booking after Q3 earnings and on reports that E-commerce company Amazon has moved the Delhi High Court against Future Group founder and CEO Kishore Biyani.

Amazon has sought seizure of assets of Biyani and his detention in prison for violating Singapore International Arbitration Centre's award by going ahead with its deal with Reliance Industries Ltd (RIL).

RIL share plunged 2.43% to Rs 1,892.55 against previous close of Rs 1939.70 on BSE.

RIL stock has lost 9.11% in the last 3 days.The share fell 2.29% on January 22 to Rs 2,049.65 before the firm announced its Q3 earnings.

On January 25, the share closed 5.36% lower at Rs 1,939.70 on BSE.

The share trades higher than 200 day moving averages but lower than 5 day, 20 day, 50 day and 100 day moving averages.

The large cap stock has gained 26.71% in one year but lost 3.81% since the beginning of this year.

Market cap of the firm fell to Rs 12.09 lakh crore.

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On January 25, the share of firm fell below Rs 2,000 mark after the firm reported Q3 revenue, which fell below estimates. Consolidated revenue of Mukesh Ambani-led oil-to-telecom conglomerate declined 22 per cent to Rs 128,450 crore in Q3 compared to Rs 1,60,447 crore in the year ago period.

However, the firm reported a 12.5 per cent year-on-year growth in consolidated net profit at Rs 13,101 crore in Q3 due to strong rebound across all businesses. The company reported a net profit of Rs 11,640 crore in corresponding period of last year.

Meanwhile, the Jeff Bezos-led company has also called for enforcement of the emergency award of the arbitration panel, restraining Future Group from moving ahead with its deal with RIL.

Amazon has also sought directions for attaching assets of Future Group companies and related parties, along with that of Biyani. It said Biyani, other promoters and directors of Future Group "deliberately and maliciously" disobeyed the emergency award of the arbitration panel.

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