Mahanagar Gas extends fall after huge block deal; stock dips 11% in 3 days

The stock dipped 4% to Rs 905 on the NSE, extending its 6.7% decline in past two trading days, after a more than 9% of total equity of the company changed hands through block deal

Mahanagar Gas dipped 4% to Rs 905 on the National Stock Exchange (NSE) in early morning trade, extending its 6.7% decline in past two trading days, after a more than 9% of total equity of auto and kitchen fuel distributor changed hands through block deals.

At 09:15 am; around 9.07 million shares representing 9.18% of total equity of Mahanagar Gas have changed hands for about of Rs 8,208 million through block deal, the NSE data shows.

At 09:35 am; the stock was trading 2.7% lower at Rs 919 on the NSE, as compared to 0.08% decline in the S&P BSE Sensex. A combined 13.24 million shares changed hands on the counter on the NSE and BSE, the exchanges data shows.

According to media report BG Asia Pacific Holdings Pte Limited is looking to sell up to 12.5%, stake in the company.

As of December 2017, BG Asia Pacific Holdings Pte Limited was held 32.5% stake in Mahanagar Gas the shareholding pattern data shows.

Mahanagar Gas is a joint venture between GAIL India and BG Asia Pacific Holdings Singapore.