Reliance Industries has slipped 3% to Rs 690, its lowest level since March 2009, on concerns that of falling gas output from KG-D6, uncertainties over production sharing contracts and pressure on refining margins.
The stock is down 9.3% in past four trading sessions, as compared to 3.3% fall in the benchmark index Sensex.
The counter have seen huge surge in volume, with as many as a combined 6.45 million shares have changed hands so far, against an average 5.1 million shares that were traded daily in past two weeks on the NSE and BSE.
Meanwhile, CRISIL Research expects corporate India to report a 200 basis points (bps) decline in earnings before interest, taxes, depreciation, and amortisation (EBITDA) margins in October-December 2011 (Q3 FY12).
EBITDA margins are expected to drop to around 17.7% in October-December 2011. Revenue growth is also forecast to drop to 14-15% from a far healthier 22.5% in Q3 FY11, following a slowdown in consumption growth and investments, a research house said in press release.
