Shares of Reliance Industries (RIL) today dipped by 2.32 per cent on the bourses on investors’ concerns regarding declining output from its eastern offshore KG-D6 gas fields.
The company’s scrip dived 2.67 per cent to Rs 678.55 during the day,its lowest level in a year on the National Stock Exchange. It finally ended at Rs 681,down 2.32 per cent from the previous close.
On the BSE,the shares ended at Rs 681.15 apiece,down 2.32 per cent from its previous close. During the trading session,the stock had touched a low of Rs 678 and a high of Rs 702.45.
Earlier on May 8,RIL had touched 52-week low at Rs 671 apiece on the BSE.
“Reliance has underperformed the markets during last few years. It’s not able to perform on the back of the falling output from KG -D6. The progress of work seems to be very slow,” Wellindia Vice President Research Vivek Negi said.
“Another problem with the RIL is that it’s not able to use cash reserves in a very effective manner and recently it has bought back its shares from the open market. Today,the stock has touched its 52-week low. Fundamentally,company is still doing average but there is no clarity on the future prospects of the firm,” he added.
In the broader market,the BSE’s barometer Sensex ended at 16,215.84 points,down 77.14 point,while 50-share Nifty closed at 4,907.80 points,down 21.10 points.