RIL's share drop as crude oil production slips

RIL's share drop as crude oil production slipsThe share price of Mukesh Ambani's, Reliance Industry feel down after the company reported lower than expected crude output.

As per the company, the crude production was down by 31 per cent. Following this, it was served a notice by The Directorate General of Hydrocarbons (DGH) asking for the reasons for this lower than expected level of production.

The crude is being explored and taken out from the KG D6 field.

The DGH had in a written letter said to company that there are serious concerns when it comes to the performance of the oil field that was awarded to the company for production purposes.

Separately, the DGH had also pointed out that the two gas field is D6 were producing much less than the expected levels of 80 mmscmd. The level of production here was just 48-50 mmscmd.

Meanwhile, the intraday share price of the company touched a high Rs 1,020 and an intraday low of Rs 1,009.35. In the morning, the share was down 0.52 per cent to close at Rs 1,012.65. During the day,67,020 shares were traded.