Stocks

RIL dips on reports of fall in gas output

PTI Mumbai | Updated on March 18, 2011 Published on March 18, 2011

Shares of the country’s most valued firm Reliance Industries (RIL) today tanked by over 4 per cent in the early trade on the BSE amid reports that the company’s gas sales from D1 and D3 fields in the KG-D6 basin may drop in the fiscal year 2013.

According to media reports, gas sales from RIL’s D1 and D3 fields in the KG-D6 basin may be as low as 38 million standard cubic meters of natural gas per day (mmscmd) in the fiscal year 2013, which is likely to hurt the company’s earnings per share (EPS).

Reacting to the reports, Mukesh Ambani-led energy major RIL plummeted by 4.29 per cent to Rs 987.20 a piece on the Bombay Stock Exchange.

In a similar fashion, the RIL counter witnessed a plunge of 4.29 per cent to Rs 986.60 during the early trade in National Stock Exchange.

During the pre-noon session, the scrip was trading down by 3.46 per cent at Rs 995.80 on the BSE and down 3.41 per cent at Rs 995.70 on the NSE.

“The investors offloaded RIL shares in reaction to the negative news flow in the counter,” the Geojit BNP Paribas Financial Services Research Head, Mr Alex Mathews, said.

The weakness in RIL, which carries maximum weight on the BSE benchmark Sensex, was instrumental in the 30-share index fall.

Published on March 18, 2011
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