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RIL down 4%,falls for 7th day in row

Shares of Reliance Industries fell to a 1-year low before closing nearly 4 per cent down.

Written by Agencies | Mumbai |
June 20, 2011 6:30:06 pm

Shares of Reliance Industries today fell to a one-year low before closing nearly 4 per cent down on bourses,its seventh straight session fall,following the CAG report which slammed the oil ministry and the DGH for allegedly favouring the company.

The country’s most valued firm plunged by 3.89 per cent to settle at Rs 834.60 on the Bombay Stock Exchange. The scrip,the heaviest on the Sensex,had dipped by 4.53 per cent to hit a 52-week low of Rs 829 during the day.

On the National Stock Exchange,RIL closed 4.10 per cent down at Rs 833.15.

The company’s market cap has also significantly dropped to Rs 2,73,199 crore from the Rs 3 lakh-crore mark.

In terms of volume,over 82 lakh shares of the company changed hands on the bourses during the day.

RIL scrip has declined by over 12 per cent in the last seven trading sessions.

Fall in the bellwether stock also dragged the BSE benchmark index Sensex down by 363.90 points to 17,506.63.

The Comptroller and Auditor General (CAG) report said the Oil Ministry and its technical arm,DGH,favoured RIL by allowing it to double the development cost of its landmark KG-D6 gas field,following which the stock is trading under pressure,brokers said.

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