Axis Bank was the top laggard in the Sensex pack, shedding over 3 per cent, followed by SBI, ICICI Bank, ONGC, HDFC and Kotak Bank.
RIL may go to arbitration which may lead to further delay in production and extra cost associated with the arbitration.
RIL plans to make good its losses by promoting guest houses, restaurants.
Reliance Industries has opposed a move to make marketing margin charged by it and other sellers of domestically produced natural gas uniform, while giving gasimporters a free hand, saying that it would be a gross discrimination.
Revenue was also boosted by robust growth in retail business which recorded a 73.6 per cent increase to Rs 11,571 crore
Reliance Industries has doubled the average life of its debt to around 7.5 years.
With RIL entering a new growth phase in telecom and retail, gen-next, say RIL executives, could soon be seen holding the reins of the firm, assisting their father, Chairman Mukesh Ambani.
ONGC and RIL bill their consumers like fertiliser plants and power stations in US dollar.
In its third video uploaded on YouTube, RIL said the Cabinet had decided on June 27, 2013, to revise natural gas prices for public and private producers from April 1 and notified the decision on January 10, about two months before the schedule for general elections was announced on March 5.
Narendra Modi is India's most successful prime minister and the greatest global leader of current generation, billionaire Mukesh Ambani said on Wednesday as he flaunted his group Reliance Industries' Gujarati heritage and its over USD 150 billion (Rs 12 lakh crore) investment in last 10 years.
RIL reported its fourth consecutive drop in quarterly net profit, hurt by weak demand and lower natural gas output, but sequentially its earnings rebounded.
'I would not suggest buying these stocks in the dip, as the upside in profit is dented without a safety net for a rainy day.'
RIL, as well as its partner Pioneer Natural Resources Co, are seeking a buyer for their stakes in Eagle Ford Midstream venture as they focus on shale oil production.
During the Drill Stem Testing, the well produced 596 barrels of oil per day. The discovery, named as Dhirubhai-36, has been notified by the Union government and the Directorate General of Hydrocarbons.
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At the last hearing on October 11, SAT had suggested to Sebi to look at considering the RIL application for a consent settlement that allows companies and individuals to settle disputes by paying a fine without admission or denial of the alleged wrongdoing.
The supplies to Anil Ambani Group's power plants including the one proposed at Dadri near Delhi, will be subject to government approving the allocation of the fuel, Mukesh Ambani said.
Terming as "illegal" marketing margins charged by RIL on gas supplied to it, Anil Ambani group firm Reliance Infra has asked the Mukesh Ambani-led company to withdraw these charges and refund the payments it had made till now.
The Oil Ministry is seeking Cabinet nod to allow Reliance Industries to retain three gas discoveries worth $1.45 billion in the eastern offshore KG-D6 block even after expiry of timelines.
In its multi-billion-dollar acquisition pursuit for LyondellBasell, the Mukesh Ambani-led Reliance Industries engaged 'hundreds' of advisors and personnel to access thousands of documents related to the proposed deal, which was rejected by the Luxembourg-based bankrupt chemicals major.
RIL and ONGC on March 28 agreed to appoint neutral international expert to decide if four wells drilled on boundary of KG-D6 block were drawing gas from neighbouring gas discoveries of the state-owned firm.
Reliance Industries on Tuesday became the country's most valued company, pushing IT major TCS to second spot in the domestic market capitalisation chart.
RIL said the Anil Ambani group firm "does not have a single power plant since the demerger (of the Reliance empire) and the ADAG owns just one gas-based plant."
Reliance Exploration and Production DMCC, a wholly-owned subsidiary of RIL, has signed contract for Block 41. The block lies adjacent to Block 18 in Gulf of Oman, which the Government of Sultanate of Oman awarded to RIL in 2005. Block 18 is situated in the offshore Gulf of Oman between Block 41 and the border with the Fujuriah offshore block. The two blocks comprises approximately 21,000 sq km of area each.
RIL might see its September quarter's profit between Rs 5,600 crore and Rs 5,670 crore.
While government/PSU procedures focus on piece meal & individual tenders taken on standalone basis, avoiding delays and cost of not doing things becomes a primary consideration in PSC procurement
Due to poor hydrocarbon prospects, BP surrendered nine out of the 21 oil and gas blocks where it had bought 30 per cent stake from Reliance Industries for $7.2 billion
Nova's new owner has decided not to pursue this project.
Ambani's Reliance has refineries at Jamnagar in Gujarat.
The petroleum ministry has said Reliance Industries Ltd (RIL) is not right in seeking an out-of-turn rise in the price of natural gas produced from the KG-D6 fields and asserted the $4.205 per million British thermal unit (mBtu) rate will prevail unless pricing formula is changed.
Infosys on Monday overtook Reliance Industries to become the second most influential stock on BSE benchmark Sensex after its shares surged by 1.52 per cent.
Sustained FII inflows and fresh spell of buying by domestic institutional investors fuelled the rally
A market-based gas pricing regime is to kick-in from next month.
An Anil Ambani group company has asked the oil ministry to stop Reliance Industries Ltd from charging marketing margin on gas, alleging that the Mukesh Ambani-led firm was not sharing the revenue and 'diverting' crores (billion) of rupees of the government's share.
The move, which follows Tata Sons scaling up its stake in Tata Steel by 2 per cent in the recent past, is aimed at taking the promoters' holding in RIL beyond the reach of hostile takeover attempts.
It calculated that the government should have got an additional profit share of $ 115.263 million.
Billionaire Mukesh Ambani-led Reliance Industries Ltd has lost its position as the Indian stock market's most influential individual company to IT major Infosys, following a recent plunge in its share price.
The crux of the ongoing court case between Reliance Industries (RIL) and Reliance Natural Resources (RNRL) on Monday was pricing of the gas produced from the Krishna-Godavari (KG) basin.
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