Shares of Reliance Industries today fell by nearly 3 per cent in morning trade even as the company reported a 32 per cent jump in fourth quarter net profit --the biggest rise in almost three years.
Despite making a positive opening, shares of the company went into a tailspin as the trade progressed and lost 2.83 per cent to Rs 781.70 on the BSE.
At NSE, the scrip was down 2.93 per cent to Rs 781.35.
The scrip was the top loser among the blue-chips on both Sensex and Nifty during the morning trade.
"Reliance profit came in-line with expectations. Lowering KG D-6 gas volumes remain an area of concern," said Gautam Sinha Roy, VP Equities, Motilal Oswal Securities.
"RIL reported lower-than-expected top-line performance for 4Q FY13. However, on the profitability front the company reported better-than-expected results," said a report by Angel Broking.
RIL reported a net profit of Rs 5,589 crore in January-March as against Rs 4,236 crore in the same period a year ago.
Sales, however, dropped 1.4 per cent at Rs 86,618 crore.
Debt soared to Rs 72,427 crore at the end of Q4, up from Rs 68,259 crore at the beginning of the fiscal. At quarter end, it had a cash pile of Rs 82,975 crore, making the company debt free on a net basis.
RIL said it is addressing the fall in KG-D6 output to about 16 million standard cubic metres per day, a fourth of the peak achieved in 2010, by upgrading production facilities and starting drilling in satellite fields around the main gas fields in the block.