GSPL falls 6% after board approves stake buy in Gujarat Gas

The stock dipped 6% to Rs 178 on the BSE after the company said that its board approved the acquisition of 28.4% stake of GGL from GSPCL by way of an inter-se transfer.

Gujarat State Petronet (GSPL) dipped 6% to Rs 178 on the BSE in early morning trade after the company said that its board approved the acquisition of 28.4% stake of Gujarat Gas (GGL) from Gujarat State Petroleum Corporation (GSPCL) by way of an inter-se transfer. GSPL is a subsidiary company of GSPCL.

GGL was trading 1% higher at Rs 836 after hitting high of Rs 844 on the BSE in intra-day trade so far. At 09:53 am; the S&P BSE Sensex was trading 0.16% higher at 32,977 points.

“The board of directors, at their meeting held on March