<p>Shares of Reliance Industries, India's largest company by market capitalisation, fell nearly 3 per cent on Monday after the conglomerate posted a bigger-than-expected drop in its first-quarter profit late on Friday.</p>.<p>Weak demand and a steep fall in refining margins impacted the company's flagship oil-to-chemicals (O2C) business, contributing to the profit slide.</p>.<p><strong>Also Read: <a href="https://www.deccanherald.com/business/business-news/bain-to-buy-90-stake-in-adani-capital-and-adani-housing-1239932.html">Bain to buy 90% stake in Adani Capital and Adani Housing</a></strong></p>.<p>The fall in Reliance's shares, their steepest in two weeks, lead losses on the benchmark Nifty 50 index. The Mukesh Ambani-led company is the heaviest stock in the index with a 10.21 per cent weightage.</p>.<p>Reliance's O2C business, which grew post the pandemic on higher demand for fuels, has now seen refining margins fall from record levels hit last year.</p>.<p>Earnings before interest, taxes, depreciation, and amortisation (EBITDA) fell 6 per cent from a year earlier in the business.</p>.<p>Analysts at BOB Capital Markets, however, believe that EBITDA in the segment is expected to come off its peak but remain resilient over the next two years. </p>
<p>Shares of Reliance Industries, India's largest company by market capitalisation, fell nearly 3 per cent on Monday after the conglomerate posted a bigger-than-expected drop in its first-quarter profit late on Friday.</p>.<p>Weak demand and a steep fall in refining margins impacted the company's flagship oil-to-chemicals (O2C) business, contributing to the profit slide.</p>.<p><strong>Also Read: <a href="https://www.deccanherald.com/business/business-news/bain-to-buy-90-stake-in-adani-capital-and-adani-housing-1239932.html">Bain to buy 90% stake in Adani Capital and Adani Housing</a></strong></p>.<p>The fall in Reliance's shares, their steepest in two weeks, lead losses on the benchmark Nifty 50 index. The Mukesh Ambani-led company is the heaviest stock in the index with a 10.21 per cent weightage.</p>.<p>Reliance's O2C business, which grew post the pandemic on higher demand for fuels, has now seen refining margins fall from record levels hit last year.</p>.<p>Earnings before interest, taxes, depreciation, and amortisation (EBITDA) fell 6 per cent from a year earlier in the business.</p>.<p>Analysts at BOB Capital Markets, however, believe that EBITDA in the segment is expected to come off its peak but remain resilient over the next two years. </p>