GAIL (India) fell 2.44% to Rs 389.55 at 9:52 IST on BSE after a foreign brokerage downgraded the stock to "underperform" from "neutral".
Meanwhile, the BSE Sensex was up 5.89 points, or 0.02%, to 28,885.27.
On BSE, so far 27,000 shares were traded in the counter, compared with an average volume of 1.27 lakh shares in the past one quarter.
The stock hit a high of Rs 396 and a low of Rs 387.75 so far during the day. The stock hit a record high of Rs 551.35 on 31 October 2014. The stock hit a 52-week low of Rs 356.70 on 8 May 2014.
The stock had outperformed the market over the past one month till 10 April 2015, rising 4.05% compared with 0.59% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 8.26% as against Sensex's 5.18% rise.
The large-cap company has an equity capital of Rs 1268.48 crore. Face value per share is Rs 10.
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The brokerage said that India's LNG demand has fallen with a drop in oil prices, which has hit GAIL's gas trading business. It added that Rasgas prices are linked to 60-month average oil, which is a key drag on the company's petchem profitability.
GAIL (India)'s net profit fell 64.03% to Rs 604.08 crore on 6.66% decline in total income from operations (net) to Rs 14969.41 crore in Q3 December 2014 over Q3 December 2013.
GAIL (India) is India's leading natural gas company with a presence along the entire hydrocarbon value chain spanning E&P, LNG, pipelines, LPG, petrochemicals, city gas distribution etc. The Government of India (GoI) holds 56.11% stake in GAIL (India) (as per the shareholding pattern as on 31 December 2014).
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