Indraprastha Gas Ltd (IGL) shares plunged 19% after the company announced a 20% reduction in GAIL’s gas allotment, effective from November 16, 2024. This reduction brings IGL’s total gas allocation down to 46%, a significant drop from 70% just a month ago.
The sharp cut in gas supply is expected to severely impact IGL’s operations, especially its ability to meet the growing demand for Compressed Natural Gas (CNG). This development raises concerns about potential disruptions in CNG sales volumes and the company’s overall financial performance moving forward.
As of 9:50 am, Indraprastha Gas shares were trading 18.45% lower at Rs 330.95 on the NSE.
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