Reliance Industries Ltd. has erased almost $50 billion in market capitalization since its peak in July as the most valuable Indian firm struggles with weakening earnings and an economic slowdown.

Shares of the refining-to-retail conglomerate led by billionaire Mukesh Ambani have barely risen this year, trailing the benchmark NSE Nifty 50 Index by the widest margin in roughly a decade. While broader Indian markets have come under pressure in recent months due to a foreign selloff and earnings growth concerns, the nation’s key gauges are still among Asia’s best performing major markets in 2024.

The bulk of the recent drop in Reliance’s shares follows disappointing results last month. The firm’s earnings missed consensus estimates for the sixth straight quarter amid a muted demand environment for its key oils-to-chemicals business.

The company offered investors one free share for each held at its annual shareholders’ meeting in August, though it gave no details on the much-awaited listings of its telecom and retail units. Its wireless service division Reliance Jio Infocomm Ltd. lost subscribers that month after a tariff hike.

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