Reliance Industries Ltd (RIL)’s shares dropped nearly 5% in the early trade to Rs756 as the company's net profit in Q3 fell below Street estimates.
The net profit of the company declined by 13.55% to Rs4440 crore for the quarter ended December 31, 2011 as compared to Rs5136 crore for the quarter ended December 31, 2010.
Total Income increased by 43.48% to Rs86852 crore for the quarter ended December 31, 2011 from Rs60530 crore for the quarter ended December 31, 2010.
Further, board of directors of the Company at its meeting held on January 20, 2012, have unanimously approved the buyback of upto 12 crore fully paid up equity shares of Rs10 each at a price not exceeding Rs870 per share, payable in cash upto an aggregate amount not exceeding Rs10,440 crore from the open market through Stock Exchange(s).
At 9.26 am, RIL was trading at Rs766.05, down by 3.44%, with a volume of 2.28 lakh shares traded on the BSE.