 "Gujarat Gas locked in lower circuit on relisting")
Gujarat Gas was locked in lower circuit of 5% at Rs 646 on the National Stock Exchange (NSE) after relisting of the equity shares of the company post amalgamation.
The stock opened at Rs 680, also day’s highest level on the NSE. A combined 12,149 shares changed hands and there were pending sell orders for 458,550 shares on the NSE and BSE.
The current Gujarat Gas (GGL) entity is the outcome of merger of Gujarat Gas Company (GGCL), Gujarat State Petroleum Corporation (GSPC), Gujarat Gas Financial Services (GGFSL), Gujarat Gas Trading Company and GSPC Distribution Networks.
One share of Rs 10 each of GGL has been issued for every one share of Rs 2 held in GGCL; 81 shares were allotted for 76 shares of GSPC and one share for every one equity share in GGFSL.
Trading of the earlier listed entity Gujarat Gas Company Limited (GGCL) had been put under suspension on stock exchanges for procedural reasons. On May 26 this year, GGCL shares had last closed on BSE at Rs 745.60 apiece.
Since May 26, the CNX Nifty dipped 6% from 8,339 to 7,823 at 2:49 p.m. today.
The stock opened at Rs 680, also day’s highest level on the NSE. A combined 12,149 shares changed hands and there were pending sell orders for 458,550 shares on the NSE and BSE.
The current Gujarat Gas (GGL) entity is the outcome of merger of Gujarat Gas Company (GGCL), Gujarat State Petroleum Corporation (GSPC), Gujarat Gas Financial Services (GGFSL), Gujarat Gas Trading Company and GSPC Distribution Networks.
One share of Rs 10 each of GGL has been issued for every one share of Rs 2 held in GGCL; 81 shares were allotted for 76 shares of GSPC and one share for every one equity share in GGFSL.
Trading of the earlier listed entity Gujarat Gas Company Limited (GGCL) had been put under suspension on stock exchanges for procedural reasons. On May 26 this year, GGCL shares had last closed on BSE at Rs 745.60 apiece.
Since May 26, the CNX Nifty dipped 6% from 8,339 to 7,823 at 2:49 p.m. today.
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