Reliance Results seemingly positive - with large profit. However if you remove One time gains and tax related gains, it’s about ₹2000 crores BELOW expectations!
As predicted, Retail took a massive hit - and so did Oil and PetChem businesses. Jio did OK in revenue terms, but profit was below expectations.
All said, clearly, non-Jio businesses are nowhere near what the market is ascribing in terms of value. And Reliance can’t sustain these crazy valuations.
Expect a down move in the stock tomorrow.