Reliance Industries down on E&P worries

Shares in Reliance Industries were hit by concerns about its exploration and production (E&P) business, primarily due to continued regulatory uncertainty over the development of its KG-D6 block.

Output from KG-D6 has been declining for more than a year, resulting in a sharp fall in India's gas output and forcing the country to resort to increased imports of expensive liquefied natural gas (LNG).

Reliance Industries fell 1.5% in afternoon trade. The stock has lost 9.4% in March as of Friday's close, compared with a 2% fall in India's 50-share Index Nifty in the equivalent period.