Reliance Industries shares down 3%; drags Sensex lower
Shares of Reliance Industries on Thursday tumbled by 3 per cent, dragging the market barometer Sensex also in the process.
By PTI | Updated:
MUMBAI: Shares of Reliance Industries on Thursday tumbled by 3 per cent, dragging the market barometer Sensex also in the process, amid concerns that gas production at its showcase KG-D6 fields is likely to dip to an all-time low.
After a weak opening, the heavyweight stock settled 2.86 per cent lower at Rs 812.15 on the BSE. At the NSE also, the stock closed at Rs 811, down 3.07 per cent from last close.
RIL alone contributed nearly 52 points in the overall decline in the stock market benchmark Sensex. However, gains in stocks like SBI and Infosys pared some losses in the Sensex, which settled 48 points lower at 18,153.99.
RIL recently submitted sale profile for natural gas to be produced from eastern offshore KG-DWN-98/3 or KG-D6 block for 2012-13 and 2013-14 to the Directorate General of Hydrocarbons (DGH) and the oil ministry.
"Losses were seen in index heavyweight Reliance Industries stock on reports of a likely decline in gas output from the company's KG-D6 oil block," Shanu Goel Research Analyst-Bonanza Portfolio said.
Investors were concerned that the natural gas production at RIL's KG-D6 fields is likely to dip to an all-time low of about 22 million cubic meters a day by 2013-14.
After a weak opening, the heavyweight stock settled 2.86 per cent lower at Rs 812.15 on the BSE. At the NSE also, the stock closed at Rs 811, down 3.07 per cent from last close.
RIL alone contributed nearly 52 points in the overall decline in the stock market benchmark Sensex. However, gains in stocks like SBI and Infosys pared some losses in the Sensex, which settled 48 points lower at 18,153.99.
RIL recently submitted sale profile for natural gas to be produced from eastern offshore KG-DWN-98/3 or KG-D6 block for 2012-13 and 2013-14 to the Directorate General of Hydrocarbons (DGH) and the oil ministry.
"Losses were seen in index heavyweight Reliance Industries stock on reports of a likely decline in gas output from the company's KG-D6 oil block," Shanu Goel Research Analyst-Bonanza Portfolio said.
Investors were concerned that the natural gas production at RIL's KG-D6 fields is likely to dip to an all-time low of about 22 million cubic meters a day by 2013-14.
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