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RIL scrip falls for fifth day in a row on the bourses

Thursday, 16 June 2011, 03:55 Hrs
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Mumbai: Extending its decline for the fifth straight session today, shares of Reliance Industries Ltd (RIL) fell by over 1 per cent in the morning trade on the bourses amid media reports that banking major HSBC has downgraded the energy major to "neutral" from "overweight".

Shares of RIL, slipped by 1.18 per cent to touch a month's low of Rs 890.10 on the BSE, while on the NSE, the stock went down by 1.24 per cent to a low of Rs 889.35.

In the past four trading sessions, RIL's counter has shed over 5 per cent.

Analysts said the bellwether stock has come under further selling pressure after a recent report by the Comptroller and Auditor General (CAG) said the Oil Ministry and its technical arm, the DGH, allegedly favoured RIL by allowing it to double the development cost of its landmark KG-D6 gas field.
Source: PTI
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