GAIL hits three-month low; stock slips 10% on heavy volumes

According to a media report, the government has started work on the bifurcation of GAIL (India) into marketing and transportation units - one of them to be sold

Shares of GAIL (India) hit an over three-month low of Rs 323, down 10 per cent, in intra-day trade on the BSE on the back of heavy volumes. The stock was quoting at its lowest level since February 26, 2019.

The trading volumes on the counter jumped over three-fold with a combined 14.7 million shares changing hands on the NSE and BSE till 10:50 am.

In orders dated June 4, 2019, the Petroleum and Natural Gas Regulatory Board (PNGRB) declared revised levelized tariffs for GAIL's Hazira-Vijaipur-Jagdishpur (HVJ) & Dahej-Vijaipur (DVPL) and Vijaipur-Dadri (GREP) Up-gradation (HVJ Upgradation) pipeline system and Mumbai Regional Natural