According to media reports, gas sales from RIL's D1 and D3 fields in the KG-D6 basin may be as low as 38 million standard cubic meters of natural gas per day (mmscmd) in the fiscal year 2013, which is likely to hurt the company’s earnings per share (EPS).

Reacting to the reports, Mukesh Ambani-led energy major RIL plummeted by 4.29 per cent to Rs 987.20 a piece on the Bombay Stock Exchange.

In a similar fashion, the RIL counter witnessed a plunge of 4.29 per cent to Rs 986.60 during early trade in National Stock Exchange.

"The investors offloaded RIL shares in reaction to the negative news flow in the counter," Geojit BNP Paribas Financial Services Research Head Alex Mathews said.

The weakness in RIL, which carries maximum weight on BSE benchmark Sensex, was instrumental in the 30-share index's 171.28 points fall to 17,978.59 level at 1039 hours.