Why Petronet LNG slipped over 7% after hitting 52-week high in early trade

The Houston-based Tellurian and Petronet LNG Ltd (PLL) signed an MOU on Saturday under which the latter will import 5 million tons of LNG (liquefied natural gas) from America over a 40-year period.

After hitting a 52-week high of Rs 302 apiece on the BSE, shares of Petronet LNG slipped over 7 per cent in the intra-day deals on Monday. The company on Sunday announced it will invest $2.5 billion for nearly 20 per cent equity stake in US energy major Tellurian Inc's Driftwood project to negotiate the purchase of 5 million tonnes of gas per annum.

The Houston-based Tellurian and Petronet LNG Ltd (PLL) signed an MOU on Saturday under which the latter and its affiliates will import 5 million tons of LNG (liquefied natural gas) from America over a 40-year period.