Reliance slips on petro products duty worries

DALAL STREET SPIKES

Reliance Industries scrip went down 12 points to close at Rs 463.30, after opening at Rs 475, hitting a high of Rs 476.95 and going to a low of Rs 462.20 in intra-day trades.

On the BSE, the counter saw volumes of 27.90 lakh shares and on the NSE volumes were of the order of 51.98 lakh shares.

There has been a lot of volatility in the counter in recent weeks. One of the reasons for the weakness in the scrip is the restructuring of duties on petro products.

The reduction in import duties is expected to impact Reliance's bottomline. The reduction in customs duties means that refinery companies will have to reduce the prices at which they sell their products to the oil marketing companies.