MUMBAI: Reliance Industries' shares have been a market underperformer as analysts cut earnings estimates after India's largest petrochemicals and oil refining company warned it will delay boosting gas production. The firm, with a 12.8 percent weighting - the biggest - in the local benchmark stock index, is making a big push into power, telecoms, shale gas and financials as it seeks new growth levers.

It has interests in energy exploration and retail. Controlled by billionaire Mukesh Ambani, who splashed out $1 billion on a 27-storey home, Reliance has outperformed state-run Oil & Natural Gas Corp and German chemical rival BASF on earnings growth over the past five years.