Stocks

RIL drops 1% on halting gasoline shipments from Jamnagar facility

BL Internet Desk Aug 16 | Updated on August 16, 2018 Published on August 16, 2018

Shares of Reliance Industries dropped as much as 1 per cent to Rs 1,198.05 as the company has halted gasoline shipments from Jamnagar site.

Shares of Reliance Industries dropped as much as 1 per cent to Rs 1,198.05 as the company has halted gasoline shipments from Jamnagar site.

The company had said yesterday that it has undertaken a short shutdown of one of the units at its Jamnagar facility to “assure reliability and integrity’’ of operations.

While the company did not specify the nature of issue at one of the fluid catalytic cracking units, the development is understood to have prevented the company from meeting its gasoline exports contract from the Jamnagar facility.

In a regulatory filing, RIL had said it “has taken short shutdown of one of the fluid catalytic cracking unitsat Jamnagar complex to assure reliability and integrity of operations’’. The unit is expected to restart within two weeks, it added.

“The rest of the Jamnagar complex is operating normally,” the filing had said.

Up to Tuesday's close, RIL shares had risen 31.4 per cent YTD; the shares had hit a record high on August 9 at Rs 1,231.7.

(With inputs from Reuters)

Published on August 16, 2018
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