Log in
Login
Password
Remember
Lost password
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  Equities  >  NATIONAL STOCK EXCHANGE OF INDIA  >  Indraprastha Gas Limited    IGL   INE203G01019

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

India Regulator Orders Indraprastha Gas To Cut Prices

04/10/2012 | 02:59am US/Eastern

India's Petroleum and Natural Gas Regulatory Board has ordered Indraprastha Gas Ltd.(532514.BY) to lower certain tariffs and prices of the natural gas it sells in the capital city, a move that is likely to hurt the company's operating margins.

In an order issued on its website Monday, the regulator fixed the tariffs retroactively from April 2008 at levels lower than Indraprastha had been charging, and ordered it to refund the difference to its customers.

An Indraprastha Gas executive who declined to be named said the company is studying the order would comment later.

The Petroleum and Natural Gas Regulatory Board is India's downstream regulator. It has a mandate to set prices.

ICICIdirect.com, which offers retail trading and investment services, advised investors to "stay away from the stock even after a meaningful correction," citing the regulator's order, in a note early Tuesday.

Shares of Indraprastha Gas plunged to INR244.70 a share, a decline of 29.36%, in morning trade on the Bombay Stock Exchange, while the benchmark index gained 0.19%.

Indraprastha Gas is a joint venture of GAIL (India) Ltd. (532155.BY), Bharat Petroleum Corp. (500547.BY) and the state government of New Delhi to sell auto and cooking gas in New Delhi and adjacent areas.

Indraprastha gas sells piped natural gas to household consumers and compressed natural gas to automobiles in New Delhi and adjoining areas.

-By Saurabh Chaturvedi; Dow Jones Newswires; +91-11-4356-3304; saurabh.chaturvedi@dowjones.com

React to this article
Latest news on INDRAPRASTHA GAS LIMITED
01/18 Crude oil slump sets energy stocks abuzz. Here's what to do
01/03 INDRAPRASTHA GAS : Clearing the air
2015 INDRAPRASTHA GAS : AUTO CNG TO COST Rs1.5 A KG LESS IN NCR DURING ODD HOURS
2015 Sensex,Nifty flat; FMCG, banking stocks drag
2015 INDRAPRASTHA GAS : Bt500 rankings: india's most valuable top-500 companies - ind..
2015 INDRAPRASTHA GAS : Plans to enter new markets
2015 INDRAPRASTHA GAS LIMITED : ex-dividend day for annual dividend
2015 INDRAPRASTHA GAS : Striving to meet piped gas target
2015 INDRAPRASTHA GAS : Igl net down 11% in q1
2015 INDRAPRASTHA GAS : Charged by legal relief
Advertisement
News chart
Full-screen chart
Income Statement Evolution
More Financials