Stocks

Reliance Ind tumbles 3.7% on reports of output fall

Our Bureau Mumbai | Updated on March 18, 2011 Published on March 18, 2011




Reliance Industries Ltd (RIL) saw its scrip fall by 3.71 per cent on the BSE and by 3.92 per cent on the NSE, after reports by news agencies on Friday morning about lower gas production from its Krishna-Godavari basin.

The reports said that the production of gas would decrease by 13 per cent and that the company hoped that UK's BP would help fix it. BP, last month, bought 30 per cent stake in RIL for $ 7.2 billion (Rs 32,400 crore).

Reliance, however, after the trading hours, clarified that the projected 38 mmscmd production figures are “purely provisional and indicative and are subject to such variations as may emerge during the actual operations in the future years.”

“These variations can be on account of physical inputs, work program as well as geological and reservoir complexity,” it said in a filing to the stock exchanges.

The total quantity traded on both bourses was 1.1 crore shares with the bulk of the trades happening at the NSE (92.58 lakhs).

Published on March 18, 2011
This article is closed for comments.
Please Email the Editor