GAIL (India) extends losses post brokerage downgrade

GAIL (India) fell 1.24% to Rs 394.85 at 12:00 IST on BSE, with the stock extending previous sessions' 3.08% losses triggered by the foreign brokerage reportedly maintaining underperform rating on the stock.

Meanwhile, the BSE Sensex was down 520.29 points, or 1.87%, to 27,291.70.

On BSE, so far 12,014 shares were traded in the counter, compared with an average volume of 94,700 shares in the past one quarter.

The stock hit a high of Rs 399.70 and a low of Rs 393 so far during the day. The stock hit a record high of Rs 551.35 on 31 October 2014. The stock hit a 52-week low of Rs 354 on 28 April 2015.

The stock had outperformed the market over the past one month till 26 June 2015, rising 2.96% compared with 1.02% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 4.71% as against Sensex's 1.29% gain.

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

The foreign brokerage reportedly said that the liquified natural gas (LNG) prices will remain weak and GAIL India's long-term earnings outlook looks weak.

GAIL (India)'s net profit fell 47.5% to Rs 510.75 crore on 3% decline in total income to Rs 14529.95 crore in Q4 March 2015 over Q4 March 2014.

GAIL (India) is India's leading natural gas company with a presence along the entire hydrocarbon value chain spanning E&P, LNG, pipelines, LPG, petrochemicals, city gas distribution etc.

The Government of India (GoI) holds 56.11% stake in GAIL (India) (as per the shareholding pattern as on 31 March 2015).

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