Home / Market Beat / Indraprastha Gas Limited nosedives 45%

Indraprastha Gas Limited nosedives 45%

Markets have seen weak trades following yesterday’s fall. Oil & gas and real estate stocks have seen major declines. Global markets have also been wary in the wake of higher inflationary numbers posted from China. The S&P 500 as well as the Dow ended in the red for the fourth straight day.

Back home, the Nifty is absolutely flat at 5238, up by 4 points or 0.07%.

Indraprastha Gas Limited (IGL) has bottomed out with a sudden crash of 45% in today’s trade. The crash has been attributed to reports that the Petroleum and Natural Gas Regulatory Board (PNGRB) has asked the company to refund excess tariff. The company was reported to be charging network tariffs and CNG compression charges, well above the guidelines setup by the regulatory board.

Other oil and gas stocks have also seen some declines. GAIL has seen a fall of 3.7%. Hindustan Petroleum (HINDPETRO) is down by 1.3%. ONGC is down by 1.6% at 264.60.

Other stocks in the red include CoalIndia, Sterlite industries, NTPC, Punj LLoyd, Tata steel and HDFC Bank.

Some of the telecom stocks are however trading in the green. Idea cellular is up by 1.2%. Bharti Airtel is also in the green.

IT major Wipro is up by over a percent. Hindustan Unilever is also firm with 1% gains. JSW Steel has marked a 1.2% recovery, after yesterday’s disastrous fall.


 

 

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