Gas stocks tanked today, after an order from the Petroleum and Natural Gas Regulatory Board (PNGRB) asking companies to cut rates for CNG & PNG to Delhi consumers.
PNGRB's approved tariff is substantially lower and will affect players like Indraprasatha Gas Ltd (IGL). According to estimates the PNGRB's order is at least 60% lower than that demanded by Indraprastha Gas.
Shares of Indraprasatha Gas was down 30% at Rs 240.60 at 9.50 am. Petronet LNG, another gas player was down 5%, while Gas Authority of India was trading lower by 3.65% on the BSE.
The price of compressed natural gas in Delhi would now drop as much as 20% and that of piped natural gas by 10% in the the wake of the order.
Indian companies have borne the brunt of frequent regulatory changes, which have affected profitability of companies and shareholder wealth. The decision of the PNGRB has shocked players in the industry and also had an impact on other PSU stocks.
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