Reliance profit plunges 39%, COVID-19 pounds energy biz

Billionaire Ambani's Reliance profit plunges 39% as coronavirus hits energy business

Indian oil-to-telecoms congolomerate Reliance Industries Ltd's quarterly profit fell for the first time in three years, as its dominant energy business suffered lower demand due to the coronavirus outbreak.

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Reliance, led by Asia's richest man Mukesh Ambani, said on Thursday its consolidated profit plunged to 63.48 billion rupees ($845 million) in the three months ended March 31, from 103.62 billion rupees a year earlier.

Revenue from operations fell to 1.39 trillion rupees from 1.43 trillion rupees a year earlier. ($1 = 75.1210 Indian rupees)