Power scrips fall on reports of tariff cuts

Tata Power slips 2.6%, while Reliance Infrastructure down by over 1%

Shares in power producers fell on media reports that the Maharashtra government is planning to cut power tariffs.

It was reported on Monday that Narayan Rane, the State Industries Minister, said, a decision would be announced in eight days and the group of ministers set up by the government under Rane recommended that electricity tariff be cut by around 15 per cent.

The cut would be only for farmers, domestic consumers and small businesses consuming less than a set amount of electricity, the paper said.

Tata Power fell 2.6 per cent, while Reliance Infrastructure was down 1.08 per cent.

A cut in power tariff in Maharashtra would come after the ruling Aam Aadmi Party's push in Delhi to cut power tariff in the state.