Reliance Industries (RIL) hits three year low is trading lower by 2.5% at Rs 679, extending its 7% fall in past seven trading days on the National Stock Exchange. A combined 4.26 million shares have changed hands on the counter so far on both the exchanges.
The stock has underperforming by falling 8.2% in last eight trading sessions, compared to 6.4% drop in the benchmark index Nifty, after the company has cut estimates for proven gas reserves in its Krishna-Godavari (KG-D6) block off the east coast by 6.7%, to 3.67 trillion cubic ft (tcf)
“The production from the KG-D6 block had been adversely impacted, mainly due to unforeseen reservoir complexities and water ingress in the producing fields,” Ambani said in the company’s annual report.
