City gas distribution companies under pressure; MGL, IGL decline up to 5%

PNGRB has said the regulation for allowing competition in CGD areas will be notified in the next one to one and a half months.

Shares of city gas distribution (CGD) companies such as Mahanagar Gas (MGL) and Indraprastha Gas (IGL) were under pressure on Tuesday. The shares slipped up to 5 per cent in the intra-day trade on the BSE on Tuesday after Petroleum and Natural Gas Regulatory Board (PNGRB) said the regulation for allowing competition in CGD areas will be notified in the next one to one and a half months.

The stock of MGL slipped 5 per cent to Rs 1,025, while IGL was down nearly 5 per cent at Rs 421 in intra-day trade on the BSE. At 10:31 am, the two