RIL dips 3% on falling natural gas output

Reliance Industries is trading lower by 2.6% at Rs 786 after the Oil Ministry sanctioned taking 'scrupulous' action against Reliance Industries for natural gas output from its KG-D6 fields falling below the target.

Contrary to the Production Sharing Contract (PSC), the ministry has decided to disallow expenditure incurred in constructing production/processing facilities at Dhirubhai-1 and 3 gas fields in KG-D6 block that are currently under utilised/have excess capacity because of falling output.

The stock opened at Rs 800 and touched the low of Rs 785 in the opening deals. A total of 4,85,000 shares have changed hands on the BSE compared to its two-week average of 7,02,000 shares. It is the top loser among the Sensex stocks.