Shares of Reliance Industries Ltd on Monday erased all gains made earlier in the day and fell over 3%, its steepest fall in over four months, erasing over $5 billion of its market value after the company reported weaker-than-expected performance in its refining, petrochemicals and telecom businesses in the December quarter.

The stock declined 3.08%, its maximum fall since 3 September to close at ₹1532 a share. So far this year, it has gained 2.5%.

Analysts were also worried over the delay in the Saudi Aramco deal, in which RIL intended to sell 20% stake, after the company said the deal will not be done by this fiscal end and did not given any timeline to complete the transaction.

Last month, the Delhi High Court asked RIL to disclose assets on the government's plea for direction not to dispose of their assets as it allegedly failed to pay it $4 billion as per an arbitral award in favour of the Centre in relation to the Panna-Mukta and Tapti (PMT) production-sharing contracts.

RIL reported lower-than-expected standalone EBITDA at Rs12,871 crore in October-December as petrochemical EBIT margins missed estimates and came in at 16.1% (down 151 bps y-o-y; down 392 bps q-o-q) and a marginally weaker-than-expected GRM at $9.2 per barrel.