On October 20, Indraprastha Gas Ltd faced a significant setback, with its shares plummeting by more than 10% after the Delhi government gave the green light to the electric vehicle policy for cab aggregators and delivery services. This decision had far-reaching consequences, resulting in mutual funds and insurance companies holding the stock witnessing a collective loss of over Rs 681 crore in value.
According to the BSE shareholding pattern, approximately 67.74 million shares, accounting for a 9.68% stake in IGL, are held by nearly 25 mutual funds, including Kotak Fexicap Fund Growth, Mirae Asset Emerging Bluechip Fund, PGIM India MidCap Opportunities, Nippon India Growth Fund, HSBC MidCap Fund, DSP Equity Opportunities Fund, and HDFC Large and MidCap Fund, among others.
Additionally, 20 insurance companies jointly own 77.30 million shares, constituting an 11.04% stake in the firm. Notably, Life Insurance Corp Ltd, India’s largest insurance company, incurred a substantial loss of over Rs 200 crore due to the decline in the stock value. LIC holds approximately 45.41 million shares, equivalent to a 6.49% stake in the company.
By 1:21 pm, the shares of Indraprastha Gas Ltd were trading at a considerable 10.76% decrease, valued at Rs 408.40.
