Shares of Reliance fell as Hardy Oil and Gas informed the London Stock Exchange about the rejection of one of the four wells it plans to drill in the block 9.
In its response, Reliance Industries said the company is committed to drill three more wells in KG D9 oil block and rumours of it surrendering the block are completely unjustified.
“It's a buy, but markets doesn't seem to be agreeing with that view. Whatever be the outcome of the pending arbitration to my mind at this price it's at a reasonable price. Even the development that we have had today should not have a material impact on stock really so could be a sentimental hit,” says an investment advisor.
There are huge expectations from KG D9 considered as yet another frontier for Reliance Industries to conquer.
Labels: Reliance Group, Reliance Industries