Indraprastha Gas surges on reports of favourable Supreme Court ruling

MUMBAI (Reuters) - Shares in Indraprastha Gas surged as much as 17.8 percent after TV news channels reported the Supreme Court had ruled regulator Petroleum and Natural Gas Regulatory Board (PNGRB) could not set gas tariffs on behalf of gas distributors.

The Supreme Court case had pitted PNGRB and Indraprastha and revolved over who could set gas tariffs.

In dismissing PNGRB's request to set prices, the ruling effectively gives Indraprastha more freedom to set its own tariffs.

(Reporting by Abhishek Vishnoi; Editing by Rafael Nam)