GAIL (India) drops after clarification on reports of shale gas acquisition in US

GAIL (India) lost 1.53% to Rs 460.25 at 12:21 IST on BSE after the company clarified that it has so far not acquired any shale gas asset in US apart from participation in Carrizo s Eagle Ford asset in 2011.

The announcement was made during market hours today, 26 June 2014.

Meanwhile, the S&P BSE Sensex was down 141.97 points or 0.56% at 25,171.77.

On BSE, so far 83,000 shares were traded in the counter as against average daily volume of 1.34 lakh shares in the past one quarter.

The stock hit a high of Rs 464 and a low of Rs 453.90 so during the day. The stock hit a 52-week low of Rs 273 on 28 August 2013. The stock hit a 52-week high of Rs 469.55 on 25 June 2014.

The stock had outperformed the market over the past one month till 25 June 2014, surging 9.83% compared with Sensex's 2.51% rise. The scrip had also outperformed the market in past one quarter, jumping 26.99% as against Sensex's 14.77% rise.

The large-cap company has equity capital of Rs 1268.48 crore. Face value per share is Rs 10.

GAIL (India) during market hours today, 26 June 2014 in a clarification with regard to news item titled "Share climbs on report of co acquiring stake in more shale gas assets in the US", said that apart from participation in Carrizo s Eagle Ford asset in 2011, GAIL (India) has so far not acquired any shale gas asset in US.

GAIL (India)'s net profit rose 57.2% to Rs 972.03 crore on 16.6% growth in net sales to Rs 14464.29 crore in Q4 March 2014 over Q4 March 2013.

GAIL (India) is India's flagship gas transmission and marketing company with global footprints. The Government of India (GoI) holds 56.11% stake in GAIL (India) (as per the shareholding pattern as on 31 March 2014).

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