RIL hits 4-mth low on confirmation of gas reserve downgrade at KG-D6

The stock has declined 6.6% in past six trading sessions, compared to 4.3% fall in the benchmark index Sensex.

Reliance Industries (RIL) has slipped almost 2% at Rs 696 in morning trades, extending its 5% fall in past five trading sessions after the company in its annual report said that it has cut estimates for proven gas reserves in its Krishna-Godavari (KG) block off the east coast by 6.7%, to 3.67 trillion cubic ft (tcf).

“Ambani said production from the KG-D6 block had been adversely impacted, mainly due to unforeseen reservoir complexities and water ingress in the producing fields,” the report suggests.

RIL has declined 6.6% in past six trading sessions, compared to 4.3% fall in the benchmark index Sensex. The stock currently trading at its lowest level since January 5, 2012, have seen 815,313 shares changing hands on the counter so far on the NSE and BSE.