Mahanagar Gas Ltd Slashes CNG Prices, Over 15% Correction In Shares Price

Mahanagar Gas Ltd (MGL) had announced cut in the prices of by Rs 2.5 per kg in and around Mumbai. The new CNG prices after reduction in the prices will be Rs 73.50 per kg. The revised prices have already become effective beginning from March 5, 2024/morning of March 6, 2024, said the company on Tuesday.

"Due to reduction in gas input cost, MGL is pleased to announce reduction in CNG price by Rs 2.5 per kg in and around Mumbai. The revised MRP of CNG will be Rs 73.50 per kg effective from midnight of March 5, 2024/ morning of March 6, 2024," it stated.
Mahanagar Gas its CNG prices now provide attractive savings of 53% when compared with petrol and 22% when compared with diesel at the current price levels in Mumbai.

The latest decline in CNG prices will assist in boosting the consumption of natural gas in the transportation sector thus inching towards making India cleaner and greener, added MGL.

Meanwhile, Mahanagar Gas Ltd shares witnessed sharp decline today by 15.74%. Current market price of Mahanagar Gas shares on BSE is Rs 1318.55 apiece with intraday fall of 15.74 soon after the company announced cut in CNG prices in Mumbai. The 52-week high price of the MGL shares on BSE is Rs 1579.00 apiece and 52-week low price is Rs 909.10 apiece, respectively.

The company has a market capitalisation of Rs 13,174.49 crore. Mahanagar Gas stock declined 9.52% in last 1-week span and fell again by 11.92% in last 2-weeks. In last 1-month, Mahanagar Gas shares tanked 13.40%. The scrip surged 35% in last 1-year and 85% in last 2-years.

About: Mahanagar Gas Limited, (MGL) one of the India's leading Natural Gas Distribution Company was incorporated on 8th May 1995. GAIL (India) Limited (Maharatna Company of Govt. of India) is the promoter of MGL. MGL has all the resources and competencies required from concept to commissioning of gas distribution networks available in-house. The entire business in MGL has been integrated through ERP-SAP system, according to its official website.