Reliance rallies 4% on reports of accounts sharing

Business

oi-Sunil

By Sunil Fernandes

Published: Monday, August 6, 2012, 10:56 [IST]

Shares of Reliance Industries rallied more than 4% today on reports that the company has agreed to share KG-D6 accounts with the national auditor. According to a report in the Economic Times, under the terms of the production sharing contract (PSC), the company would meet a key demand of oil minister Jaipal Reddy ahead of a crucial meeting of the block's management committee.

The shares of the company were trading at Rs 776, up 4.5% over Friday's close.

Over the last few quarters, Reliance Industries has faced problems with declining gas puput from the KG3 basin. Apart from this, the company's results too have been poor, due to margin pressures.

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