April 22, 2019 / 4:40 AM / 2 months ago

BUZZ-India's Reliance Industries sees worst day in over 4 months

** Shares in Reliance Industries Ltd fall as much as 3 pct to 1,345.05 rupees, posting their worst intraday fall since Dec. 11

** Conglomerate posted record qtrly profit on Thursday boosted by its retail and telecom business, but its core ops of petchem and refining reported weak results

** Co said transfer of fibre and tower undertakings to separate companies completed on March 31; liabilities worth 1.07 trln rupees transferred from Jio’s balance sheet

** Analyst at Jefferies say results were broadly in line but net liabilities have risen considerably; raises PT to 990 rupees from 935 rupees

** CIMB says demerger of telecom assets reduces reported debt but it will be accompanied by an increase in fixed costs for Jio; maintains “reduce” rating with PT of 1,030 rupees

** More than 4 mln shares traded by 0433 GMT compared with 30-day average of 9.3 mln shares

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