Global Economic Recession effects the profits of Reliance Industries Ltd by a huge margin of 12% worse than expected in the June quarter. The results announced after the market hours on Friday mean that the company with the highest Market capitalisation now has a drop in Net profit and Net sales for three quarters in a row.
June quarter's net profit declined to Rs 3,636 crore, which is 11.5% while most analyst had expected a fall of 3%. Its turnover declined 23% to Rs 33,309 crore in the period because demand for petroleum products fell after consumers brought down spending on travel in the wake of the deepest recession since the The GreatDepression
