Mumbai: Shares of TV18 Broadcast Ltd and Network18 Media & Investment Ltd fell on Wednesday, after both Reliance Industries Ltd group companies posted consolidated net losses for the June quarter.

TV18 Broadcast fell as much as 13.83% on the BSE, its steepest fall since 22 July 2015, to 40.50 a share, before closing 12.98% lower at 40.90. Network18 Media & Investment fell 10.67%, its sharpest fall since 26 May 2014, to 42.30, before closing 9.6% lower at 42.80.

TV18 Broadcast reported a net loss of 14.13 crore in June quarter, against a net profit of 8.46 crore a year ago. Total income fell 23% from a year ago to 210.69 crore.

Network18 Media & Investment posted a consolidated loss, its 11th loss in the last 12 quarters. The company reported a net loss of 49.70 crore in the June quarter, against a net profit of 44.10 crore a year ago. Total income fell 14.4% from a year ago to 351.89 crore.

Reliance Industrial Infrastructure Ltd and Reliance Industries Ltd—two other companies of the group—will report June quarter earnings later today and on 15 July respectively. Reliance Industrial Infrastructure Ltd closed 0.28% higher at 441.40 ahead of its earnings. Reliance Industries rose 0.7% to 1,009.50. The stock has gained in 10 out of 12 trading sessions. Since the last 12 days, the stock gained has 6.8% and so far this year, it is down 0.3%. According to two Bloomberg analysts, RIL may post a consolidated net profit of 6,510 crore while net sales will be at 67,750 crore.

Singapore gross refining margins (GRM), a benchmark of profitability for Indian refining companies, declined for the June quarter, sequentially as well as year-on-year (y-o-y). The measure came in at $5 per barrel compared to $7.7 a barrel in the March quarter and $8 a barrel in the June 2015 quarter. Margins declined primarily on account of the decline in gasoline product cracks, Mint reported.

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