RIL shares tumble on fall in gas output reports

Shares of the country's most valued firm Reliance Industries (RIL) today tanked by over 4% in the early trade on BSE amid reports that the company's gas sales from D1 and D3 fields in the KG-D6 basin may drop in the fiscal year 2013.

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 (mmscmd) in the fiscal year 2013, which is likely to hurt the company’s earnings per share (EPS).

Reacting to the reports, Mukesh Ambani-led energy major RIL plummeted by 4.29% to Rs 987.20 a piece on the Bombay Stock Exchange.

In a similar fashion, the RIL counter witnessed a plunge of 4.29% 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.