Indraprastha Gas (IGL) has dipped 3% to Rs 270 on back of heavy volumes on reports that the Supreme Court has deferred its case hearing against Petroleum and Natural Gas Regulatory Board (PNGRB) to April 16.
The stock has tanked 9.4% to Rs 261 from its intra-day high of Rs 288 in early morning deals on BSE. As many as a combined 2.57 million shares have already changed hands on the counter till 1328 hours against an average sub one million shares that were traded daily in past two weeks.
Last year April, PNGRB had directed gas utility company, IGL to reduce compression charges and network tariffs. IGL had appealed against this order in Delhi high court and the court ruled in IGL favor. After this ruling, gas regulator PNGRB went to Supreme Court.
The stock has tanked 9.4% to Rs 261 from its intra-day high of Rs 288 in early morning deals on BSE. As many as a combined 2.57 million shares have already changed hands on the counter till 1328 hours against an average sub one million shares that were traded daily in past two weeks.
Last year April, PNGRB had directed gas utility company, IGL to reduce compression charges and network tariffs. IGL had appealed against this order in Delhi high court and the court ruled in IGL favor. After this ruling, gas regulator PNGRB went to Supreme Court.
