Petronet LNG drops after RBI restricts further purchases of shares by foreign investors

Petronet LNG dropped 0.81% to Rs 190.25 at 13:40 IST on BSE after the Reserve Bank of India imposed restrictions on further purchases of the company's shares by foreign institutional investors/Registered Foreign Portfolio Investors.

The Reserve Bank of India (RBI) made announcement on Friday, 3 July 2015.

Meanwhile, the S&P BSE Sensex was down 109 points or 0.41% at 27,978.14.

On BSE, so far 41,812 shares were traded in the counter as against average daily volume of 2.41 lakh shares in the past one quarter.

The stock hit a high of Rs 191 and a low of Rs 187.50 so far during the day. The stock hit a record high of Rs 221.90 on 8 January 2015. The stock hit a 52-week low of Rs 159.80 on 27 April 2015.

The RBI said that the trigger limit of 22% holding of foreign institutional investors (FIIs) has already reached in Petronet LNG and therefore further purchases of the equity shares of the company by FIIs/Registered Foreign Portfolio Investors (RFPIs) will be allowed only after obtaining prior approval of the RBI.

Petronet LNG's net profit rose 77.6% to Rs 300.75 crore on 31% decline in total income to Rs 7219.28 crore in Q4 March 2015 over Q4 March 2014.

Petronet LNG was formed as a Joint Venture by the Government of India to import liquified natural gas (LNG) and set up LNG terminals in the country.

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