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Reliance Industries' Profit Drops 9.8 Percent

Indian oil and petrochemical company Reliance Industries said profit for the October-December quarter fell 9.8 percent to 35 billion rupees ($778 million) amid volatility in the global oil market.

Reliance Industries, India's biggest private company by sales and market capital, said net turnover fell 8.8 percent to 315.63 billion rupees ($7 billion).

"This was one of the most challenging quarters for Reliance with volatility in prices and margins," Chairman Mukesh Ambani said in a statement Thursday. Profit in the same quarter a year ago was 38.8 billion rupees.

Mumbai-based Reliance makes more than 75 percent of its money from oil refining.

It operates the world's third-largest refinery at Jamnagar in western India, and has tied up with U.S.-based energy giant Chevron to build another refinery at the same site.