MUMBAI, Aug. 25 -- Reliance Industries gave up 2.1 percentage points of operating margin in the June quarter. Applied to the revenue it actually booked, that is Rs.7,179 crore of EBITDA it did not collect in three months, and it is more than the whole of Reliance Retail earned over the same period.

That is the arithmetic sitting underneath a share price that has spent Tuesday morning drifting toward its lowest level in a year, watched by almost nobody.

Reliance was quoted at Rs.1,301.00 on the National Stock Exchange at 10:28 IST, down Rs.8.80 or 0.67 percent on Monday's close of Rs.1,309.80, and at Rs.1,300.55 on the BSE. It opened at Rs.1,304.30 and has traded between Rs.1,300.00 and Rs.1,306.10 on 10.84 lakh shares. These are live in...