RIL shares tumble on reports of fall in gas output

Shares of the country's most valued firm Reliance Industries (RIL) on Friday tanked over 4 per cent in the early trade on the Bombay Stock Exchange amid reports that the company's gas sales from D1 and D3 fields in the KG-D6 basin may drop for 2012-13.

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 (mscmd) in 2012-13, which is likely to hurt the company's earnings per share (EPS).

Reacting to the reports, the Mukesh Ambani-led energy major plummeted 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 early trade in National Stock Exchange.

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

The weakness in RIL, which carries maximum weight on BSE benchmark Sensex, was instrumental in the 30-share index's 171.28 points fall to 17,978.59 level at 10.39 am.