RIL tanks 4% on Oil well abandonment

The UK based Hardy Oil and Gas Plc- the 10% joint venture partner of Reliance Industries Ltd (RIL) in the D9 exploration block in the Krishna Godavari Basin on Friday informed the London Stock Exchange (LSE) that the first exploration well in the block will have to be abandoned after encountering ” poor reservoir sands”.
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The news hammered Hardy Oil’s stock on the LSE by almost 36% from Rs. 416 to Rs. 298 and RIL tanks 4% to Rs. 2047.

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