RIL shares dip after EC stalls gas price hike
The Reliance Industries scrip Tuesday fell nearly three percent after the Election Commission asked the government to postpone implementing its decision to raise gas prices till a new government is formed after the general elections.
The company's share at the Bombay Stock Exchange (BSE) fell as much as 3.8 percent to Rs.872.50 from its previous day's close of Rs.904.60. The scrip later recovered and was trading at Rs.878.25, down 25.95 points or 2.87 percent in afternoon trade.
The cabinet last year had approved doubling of the gas price from the current USD 4.20 per million British thermal units (mBtu) to USD 8.4 per (mBtu) from April 1 to spur investments in to the gas exploration sector.
(Posted on 25-03-2014)