Mahanagar Gas hits new high; stock up over 100% against IPO issue price

The stock was up 3% at Rs 850 on NSE, gaining 102% against IPO price of Rs 421 per share

Mahanagar Gas (MGL) hit a new high of Rs 850, up 3% on the National Stock Exchange (NSE), gaining more than 100% against its initial public offer (IPO) price.

MGL, a Mumbai-based city gas distribution (CGD) company, was up 102% against its issue price of Rs 421 per share. The stock was trading at its highest level since listing in July 1, 2016.

In past three trading sessions, the stock rallied 8% after MGL in association with Eco Fuel announced the launch of CNG fueled two-wheelers in Mumbai. The Nifty 50 index was up 0.20% during the same