Reliance Industries hits six-month low
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Shares of Reliance Industries (RIL) has dipped nearly 3% at Rs 913, its lowest level since March 31 this year on BSE on reports that the company will not get the new gas price for its currently producing Dhirubhai-1 and 3 gas fields in eastern offshore KG-D6 till it makes up for the shortfall in production in the past four years. The stock touched a low of Rs 912 on NSE.
However, the stock recovered from its early morning low and trading lower by 1% at Rs 932 on BSE at 0944 hours. A combined 1.38 million shares changed hands on the counter so far on NSE and BSE.
The government on Saturday de-regulated the price of diesel and announced a new price for domestically-produced natural gas.
“Against the backdrop of the steep doubling of rates to USD 8.4 recommended by Ranagarajan Committee and cleared by the previous UPA government, the government today approved a 46% increase in natural gas prices that will go up from current USD 4.2 per million British thermal unit to USD 6.17 per mmBtu from November 1”, the PTI report suggests.
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