RIL shares fall 2% as 6 brokerages cut target price
Shares of Reliance Industries (RIL) tumbled 2.3% in Monday’s trading session to Rs 2,681.25 on the BSE after six brokerages reduced the target price of the stock to as low as Rs 2,990 after weak Q2 results posted by the company.
RIL on Monday reported a 5% decline in its consolidated net profit to Rs 16,563 crore for the quarter ended September 2024. The same stood at Rs 17,394 crore in the year-ago period.
Revenue from operations increased by a marginal 0.2% year-on-year (YoY) to Rs 2.35 lakh crore in the reporting period.
Following the Q2 results of the company various brokerage firms cut their target price on the stock. Here is what the brokerages said:
Citi: Target price: 2,990
Citi cut RIL’s target price to Rs 2,990 from Rs 3,200.
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