Mukesh Ambani-led Reliance Industries (RIL) recorded an 11.53 per cent decline in its net profit at Rs 3,636 crore for the first quarter ended June 30, 2009 as compared to Rs 4,110 crore which was way below estimation.

Standalone net sales slipped 22.9% to Rs 32,055 crore versus Rs 41,579 crore year-on-year. Earning before interest, tax, depreciation and amortization fell 3.3% to Rs 5,921 crore from Rs 6,121 crore. Operating profit stood at Rs 4,293 crore and standalone petchem revenues declined 22.4% to Rs 11,540 crore from Rs 14,871 crore last year.Gross refining margins have come in at USD 7.5 per barrel as against the street’s expectations of USD 8-8.5 per barrel.

The stock settled with a loss of 1.2% at Rs 2,014 on the Bombay Stock Exchange today.

We would see huge correction on Monday, where stock would open around 4-5% down & may be closed 8-9% down. As weight of RIL is 12% of nifty it is likely that RIL would drift down whole market.