Shares of three oil and gas explorers fell by 1.39% to 2.41% at 10:15 IST on BSE after government delayed decision on gas price hike.
ONGC (down 2.41%), Reliance Industries (down 1.73%) and Oil India (down 1.39%), edged lower.
The S&P BSE Sensex was down 57.08 points, or 0.21% at 26,687.61.
The government on Wednesday, 24 September 2014, deferred a proposed hike in the price of domestically produced gas and said a decision would be taken by 15 November 2014.
The new government of Prime Minister Narendra Modi in June 2014 decided to review the pricing formula framed by the previous government. The earlier formula was to be originally implemented from 1 April 2014.
The UPA government had in June 2013 approved a formula suggested by a panel headed by C. Rangarajan and re-confirmed it in December, with certain conditions for Reliance Industries' KG-D6 block.
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