India’s Reliance Industries posts 5.5% drop in Q1 profit

BENGALURU (Reuters) – Indian conglomerate Reliance Industries reported a 5.5% fall in first-quarter profit on Friday.

The billionaire Mukesh Ambani-led company, India’s largest by market value, said its consolidated profit fell to 151.38 billion rupees ($1.81 billion) in the April-June quarter from 160.11 billion rupees a year earlier. ($1 = 83.6740 Indian rupees)

(Reporting by Sethuraman NR in Bengaluru; Editing by Savio D’Souza)