MUMBAI: Reliance Industries is underperforming the broader market since the Narendra Modi-led NDA government came to power on May 26, last year. As visible from the chart, Reliance has lost around 24% during this time against the Sensex's gain of 17%.There are several reasons behind this massive under performance. First, the new government did not approve the $8.4 per mmbtu (ie million British thermal units) proposed by the previous UPA government for the domestic natural gas and, instead fixed the price at $5.61 per mmbtu.Even this nominal increase is not made available for it and Reliance will continue to get the price of $4.2 only till it makes up for the output shortfall from KG-D6 block.The domestic natural gas prices will be revised every six months and the next revision is expected on April 1. However, that may not give relief to domestic gas producers like Reliance. "With the fall in international crude oil and natural gas prices, the price fixed for the next financial year should be lower than the $5.61 per mmbtu," says Piyush Jain, Equity Research Analyst, Morningstar India. Reliance was also forced to take heavy `inventory losses' due to the sudden fall in international crude oil prices. And, due to this, Reliance's net profit for the third Rs 5,085 crore from quarter of 2014-15 fell to Rs 5,511 crore during same period last year.` However, Reliance may not be forced to book more inventory losses in the fourth quarter of 2014-15 because the Brent variety of crude is now stabilising around $58 per barrel, near to its December closing value of $54.52 per barrel.The latest trigger for the crash came from the nervousness generated as a result of the recent 'corporate espionage scandal' and the arrest of one of its employees. Since Reliance is waiting for production clearances for its gas blocks, analysts fear that this may get delayed further. Gas production from KG-D6 is still declining and this trend will continue till the government clears new investment proposals and the company makes fresh investment on them.