April 30, 2020 / 1:15 PM / a month ago

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

BENGALURU, April 30 (Reuters) - 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.

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) (Reporting by Sachin Ravikumar; Editing by Arun Koyyur)

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