Reliance Q1 profit falls 22% on high base from Asian Paints stake saleReliance Industries Ltd on Friday reported a 22 per cent year-on-year decline in consolidated net profit for the June quarter, as last year's earnings were boosted by a one-time gain from the sale of shares in Asian Paints.Net profit attributable to the company's owners fell to Rs 20,946 crore in the quarter ended June 30 from Rs 26,994 crore a year earlier, according to a stock exchange filing cited by PTI.Without the one-time gain, Reliance delivered a steady operating performance, driven by its oil-to-chemicals, retail, digital services and upstream businesses, while continuing investments in its new energy business.Revenue from operations and EBITDA were supported by resilient performance across the company's key business segments despite a challenging global macroeconomic environment.The year-ago June quarter included an exceptional gain of Rs 8,924 crore from Reliance's sale of its stake in Asian Paints, resulting in an unfavourable year-on-year comparison.Ahead of its June quarter earnings announcement, Reliance Industries shares rose nearly 3 per cent on Friday, adding Rs 45,334.01 crore to the company's market capitalisation.The stock gained 2.59 per cent to close at Rs 1,326.50 on the BSE after touching an intraday high of Rs 1,329.95, up 2.85 per cent. On the NSE, it advanced 2.36 per cent to settle at Rs 1,327.20.The rally lifted Reliance's market valuation by Rs 45,334.01 crore to Rs 17,95,091.26 crore.