Shares of Reliance Industries today fell 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, the shares went into a tailspin as the trade progressed and lost 2.83 per cent to Rs 781.70 on the BSE. On the NSE, the scrip was down 2.93 per cent at Rs 781.35.

The scrip was trading down 2.73 per cent at Rs 782.50 and down 2.79 per cent at Rs 782.50 on the NSE.

The scrip was the top loser among the blue-chips on both Sensex and Nifty in 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, V-P, Equities, Motilal Oswal Securities.

“RIL reported lower-than-expected top-line performance for Q4 FY’13. However, on the profitability front, the company reported better-than-expected results,” said a Angel Broking report.

RIL has reported a net profit of Rs 5,589 crore for January-March quarter against Rs 4,236 crore in the same period a year ago. Sales, however, dropped 1.4 per cent to Rs 86,618 crore.

The company’s debt soared to Rs 72,427 crore at the end of fourth quarter from Rs 68,259 crore at the beginning of the fiscal. It had a cash pile of Rs 82,975 crore, making the company debt-free on a net basis.

Reliance said that 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 the production facilities and commencing drilling operations in the satellite fields around the main gas fields in the block.

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