Gas explorers slump after govt defers gas price hike

MUMBAI (Reuters) - Shares in oil and gas explorers slumped on Thursday after the government deferred a decision on Wednesday to raise prices of locally produced gas for next three months, saying the matter requires more discussion.

Reliance Industries fell 3 percent, Oil and Natural Gas Corp lost 5.3 percent while Oil India Ltd fell 4 percent.

However, analysts say the deferment of gas price hike is near-term negative but it does not change the direction of structural reforms in the oil and gas sector.

(Reporting by Abhishek Vishnoi and Indulal PM; Editing by Anupama Dwivedi)