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Weak day for oil & gas stocks

October 20, 2009

RELIANCE-OIL/The BSE Oil & Gas index dropped 1.7 percent on Tuesday, ending as the top sectoral loser of the day as shares of Reliance Industries and ONGC slipped.

Essar Oil was the top loser in the index, closing down 4 percent. ONGC too came under pressure and slipped 2.4 percent.

Reliance Industries ended 1.84 percent lower at 2183 rupees, while Reliance Natural gained 1.2 percent. The Supreme Court today started hearing arguments on the gas dispute between the two companies. Hearings are to continue tomorrow.

Reliance Industries, whose shares have jumped 53 percent this year, recently announced a 1-1 bonus issue and a 13-rupee interim dividend for shareholders. Reliance Natural shares have gained around 40 percent over the same period.

Since August, the oil & gas index has dropped 3 percent. Do you think the sector will be volatile till the Supreme Court decides on the gas dispute between the Ambani brothers?

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