IGL dips as PNGRB files Special Leave Petition in Supreme Court

Indraprastha Gas Ltd (IGL) is trading lower by 3% at Rs 227 after the company said that Petroleum & Natural Gas Regulatory Board (PNGRB) has filed a Special Leave Petition in Supreme Court.

“PNGRB has filed a Special Leave Petition (a copy of which has been received by the company) in the Hon'ble Supreme Court against the order dated June 01, 2012 passed by Hon'ble Delhi High Court,” IGL said in a filing to the stock exchanges.

It may be mentioned that Hon'ble Delhi High Court vide its order dated June 01, 2012 had quashed the PNGRB order dated April 09, 2012, it added.

Earlier, in April 2012, PNGRB directed IGL to reduce its selling prices and refund the difference in the two tariffs with immediate effect.

The stock IGL opened at Rs 233 and hit a low of Rs 210 after the announcement on the National Stock Exchange. A combined 2.33 million shares have changed hands on the counter so far on both the exchanges.