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Reliance Industries stock falls after gasoline shipments from Jamnagar site halted

The stock fell 1.15% intra day  to 1,196.25 level on BSE.  The large cap stock has risen 53.29% during the last one year and has gained 30.39% since the beginning of this year.

twitter-logo BusinessToday.In        Last Updated: August 16, 2018  | 12:05 IST
Reliance Industries stock falls after halting gasoline shipments from Jamnagar site

The Reliance Industries stock fell in early trade on report of halting gasoline shipments from its Jamnagar site. At 10:52 am, the stock was trading 0.77% or 9 points lower at 1201 level.

The stock fell 1.15% intra day  to 1,196.25 level on BSE.

The large cap stock has risen 53.29% during the last one year and has gained 30.39% since the beginning of this year.

The stock is trading 2.54% below its 52 week high level of 1,231.50.

The company said on Wednesday halted gasoline exports from its Jamnagar site, causing profit margins from producing the fuel to jump to its highest since September.

Force majeure was declared after an unspecified issue at its export-oriented refinery; the plant can process more than 500,000 barrels per day.

Reliance expects to restart shipments within two weeks, an exchange filing said.

The firm said shutdown was not expected to have any material impact on overall operations.

Sources said at least two gasoline cargoes scheduled for this months loading from Reliance were affected.

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