India's Reliance Industries said on Tuesday the country's Petroleum and Natural Gas Ministry has raised a demand of $2.81 billion from the company, BP Exploration and Niko in a gas drilling dispute case.

Reliance Industries (RIL) shares fell for the third straight session on March 4, nearing their 52-week low. The decline follows a US $2.81 billion demand from the Ministry of Petroleum and Natural Gas on PSC Contractors including RIL.

The Ministry of Petroleum and Natural Gas has demanded $2.81 billion from Reliance Industries Limited and its partners over a dispute regarding gas migration from ONGC’s blocks to the KG-D6 block. This follows a court ruling that reversed a previous decision in favor of Reliance.