India's Indraprastha Gas falls on possible loss of supply deal

Indraprastha Gas

26/04/2023 09:24

** Indraprastha Gas Ltd (IGL)  IGAS.NS  down ~2%, on pace
for only its third 2%-plus drop this year
    ** IGL says Petroleum and Natural Gas Regulatory Board
(PNGRB) rules IGL not fully qualified to supply gas in Gurugram
    ** Says PNGRB rules IGL authorized to supply Noida and
co-authorized with Adani Total Gas to supply Faridabad
    ** PNGRB authorization relates to Supreme Court ruling last
Sept to end gas sharing arrangement between IGL, Adani Total and
Haryana City Gas in favour of separate supply licenses
    ** IGL stock is up about 17.5% since the court ruling last
Sept, but most of those gains came in a 15% rally in past two
week

 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))