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NEW DELHI : Shares of Reliance Industries Ltd on Monday declined 4% amid profit-taking in line with an overall weak trend in the equity market.

During the early trade, the market heavyweight stock gained 1% after the company reported its best-ever quarterly performance in October-December 2021.

The stock of the country's most valued firm by market valuation jumped 1.04% to 2,504.10 in early trade on the BSE. But, later the stock gave up all its early gains and settled at 2,377.55, lower by 4.06%.

On the NSE, it settled at 2,379.90, a decline of 3.95% after gaining 1.08% in early trade to 2,504.75.

The company's market valuation tumbled 68,404.59 crore to 16,08,275.41 crore on the BSE.

The 30-share BSE benchmark tumbled 1,545.67 points or 2.62% to settle at 57,491.51.

Billionaire Mukesh Ambani's Reliance Industries Ltd on Friday reported its best-ever quarterly performance in October-December 2021, helped by an uptick in two 'Rs' -- refining and retail, a recent tariff hike accelerating growth at Jio and a one-off gain from the sale of US shale gas business.

The oil-to-retail-to-telecom conglomerate's consolidated net profit rose 35.6% sequentially and 41.5% over the year-ago period to 18,549 crore in the quarter ended December 31, 2021, the firm said in a statement.

Consolidated revenue of the nation's biggest company by market value rose 9.5% over the previous three months and 52.2% year-on-year to record 209,823 crore.

EBITDA or earnings before interest, tax, depreciation and amortisation climbed 30% to a record 33,886 crore. Three-fourths of this came from its traditional oil business as higher prices and demand returning from the bouncing economy helped earnings.

But the company, which during the pandemic declared itself net debt-free, saw its borrowings exceed cash in the third quarter of the current fiscal. 

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