Indraprastha Gas Ltd (IGL) tanked 46% to Rs 188 after the Petroleum and Natural Gas Regulatory Board (PNGRB) has directed IGL to reduce prices for Delhi consumers with effect from on Monday after factoring in the reduction in both network rates (levied on CNG, PNG and industrial consumers) and the compression charges on CNG.
“The regulator has also asked the company to make refunds since the 2008-09 financial year based on the changes, since that was the first financial year of operation for the company after the regulator came into being in October 2007,” the report suggests.
IGL, the monopoly supplier of compressed natural gas (CNG) and piped natural gas (PNG) in the capital, may have to take a hit of around Rs 1,000 crore, due to the order, added the report.
A combined 4.5 million shares have changed hands on the counter in opening deals on both the exchanges.
