IGL down 46% in opening trade
Indraprastha Gas Ltd (IGL) tanked 46% to Rs 188 after the Petroleum and Natural Gas Regulatory Board (PNGRB) has directed IGL to reduce prices for Delhi consumers with effect from on Monday after factoring in the reduction in both network rates (levied on CNG, PNG and industrial consumers) and the compression charges on CNG.
“The regulator has also asked the company to make refunds since the 2008-09 financial year based on the changes, since that was the first financial year of operation for the company after the regulator came into being in October 2007,” the report suggests.
IGL, the monopoly supplier of compressed natural gas (CNG) and piped natural gas (PNG) in the capital, may have to take a hit of around Rs 1,000 crore, due to the order, added the report.
A combined 4.5 million shares have changed hands on the counter in opening deals on both the exchanges.
Similar Posts:
- IGL, MGL may lose exclusive supply rights
- Reliance Industries will buy the Hotel Leelaventure’s business park in Chennai -Hotel Leelaventure surges on heavy volumes
- Aviation shares rally on heavy volumes, Jet Airways surges 15%
- STOCK ALERT: Sun TV Network, SpiceJet tank as CBI questions promoters
- Jet Airways rallies on regulatory nod to Etihad for stake buy in Jet unit
Latest Query
- by Sam
Market Stats
Search Our Archives
Research Desk
- Stocks Trading above their 50 day moving average - DMA In Stock Research
- Download free Ebooks based on Technical Analysis In Personal Training
- TOP 100 Stocks with the Highest P/E as on July 14th, 2013 In Stock Research
- TOP 100 Stocks with the Lowest P/E as on July 14th, 2013 In Stock Research
- Charting Pathsala - Your guide to Techincals In Technical Analysis
