The rupee tumbled 71 paise to all-time low of Rs 54.50 against the US dollar on the forex market on Wednesday on increased capital outflows and strong demand from importers.Traders said the Reserve Bank's efforts to curb the falling rupee have failed to arrest the decline.

The market value of stocks listed in markets today plunged by over Rs. 77,000 crore with the BSE benchmark Sensex plummeting nearly 300 points amid rupee touching record lows against the US dollar.Total investor wealth dropped to Rs. 57.48 lakh crore at the end of Wednesday's trade.

Reliance Industries has reported that natural gas production from its eastern offshore KG-D6 fields has dropped to about 32.66 million standard cubic meters per day. Gas output from KG-D6 in the week ended May 6 dropped to 32.66 mmscmd from 33.89 mmscmd in April.

The net direct tax collections rose to a whopping Rs1 4,812 crore in April this year, a seven fold increase compared to the same period of last fiscal. Net direct tax collections was at Rs 1,992 crore in April 2011. The net collection was higher due to lower refunds given by the revenue department.