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Sunday, March 20, 2011

Reliance Ind tumbles 3.7 per cent on reports of output fall news

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

The reports said production of gas at the D-6 block 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's exploration business for $ 7.2 billion (Rs32,400 crore).

After the trading hours, Reliance, however, 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 programme as well as geological and reservoir complexity," it said in a filing with the stock exchanges.

The total volume of RIL stock traded on both bourses was 1.1 crore with the bulk of the trades happening at the NSE (9.26 million).

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