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Cos will have to source expensive imported gas
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supply of cheap gas
#New Delhi
Shares of Indraprastha Gas Ltd and Mahanagar Gas Ltd on Friday tumbled more than 10% each after both the firms stated that supplies of domestically produced gas, which was available at a capped rate which is half of the imported price, has been cut.
The stock of Indraprastha Gas slumped 10.25% to settle at Rs 452.70 apiece on the BSE. During the day, shares of the firm cracked 12.88% to Rs 439.40.
Shares of Mahanagar Gas plummeted 10.09% to Rs 1,582.95. Intra-day, the stock plunged 14.58% to Rs 1,503.80.
Government has slashed by up to a fifth the supplies of cheaper gas to city gas entities that retail CNG to automobiles, increasing their dependence on imported fuel.
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