Shares of Reliance Industries (RIL) fell nearly 1% or Rs 9 to Rs 1017 in the morning trade after the oil regulator Directorate General of Hydrocarbon (DGH) said that RIL KG-D6 output might not touch 80 mmscmd by April 2012. According to agency reports, RIL 's current output from KG-D6 is at 52-53 mscmd.
The DGH clarification will allow brokerages, who were visibly confused with a series of contradictory announcements over KG Basin gas production by RIL, to revise RIL earnings estimates. "We may downgrade RIL slightly after determining the exact output from KG Basin gas production, " said Deven Choksey, CEO, K R Choksey.
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