MUMBAI: Shares of Reliance Industries Ltd declined 3 percent in early trade on Monday, after the company's March quarter earnings failed to cheer investors.

The stock has been quoting lower for the past many days and further slumped 3 percent to Rs 2,542.10, amid a weak trend in the broader market.

At the NSE, the stock declined 2.99 percent to Rs 2,542.25.

Since April 29, the stock has fallen 9.82 percent.

Billionaire Mukesh Ambani's Reliance Industries Ltd on Friday reported a 22.5 percent rise in net profit for the quarter ended March on the back of bumper oil refining margins, steady growth in telecom and digital services, and strong momentum in the retail business.

The oil-to-retail-to-telecom conglomerate's consolidated net profit rose to Rs 16,203 crore in the quarter ended March 31, 2022, from Rs 13,227 crore, the firm said in a statement.

Net profit, however, fell 12.6 percent sequentially -- breaking a six-quarter chain of quarter-on-quarter improvement.

Reliance's earnings also rose because of a rise in broadband subscribers, online retail gaining traction, and new energy investment picking roots.

Consolidated revenue of the nation's biggest company by market value rose 35 percent year-on-year to Rs 2.32 lakh crore in the fourth quarter of FY22.

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