Gas explorers slump after govt defers gas price hike

Tags: Companies
Shares in oil and gas explorers slumped on Thursday after the government deferred a decision on Wednesday to raise prices of locally produced gas for next three months, saying the matter requires more discussion.

Reliance Industries fell 3 percent, Oil and Natural Gas Corp lost 6.8 percent while Oil India Ltd fell 4.6 percent.

However, analysts say the deferment of gas price hike is near-term negative but it does not change the direction of structural reforms in the oil and gas sector.

EDITORIAL OF THE DAY

  • Time for a reality check on AIDS

    Is the fear of Human Immuno-deficiency Virus (HIV) infection leading to Acquired Immuno-deficiency Syndrome (AIDS) in India?

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Sandeep Bamzai

<b>Disequilibrium:</b> The Looking glass war

In the looking glass war, where bitter adversaries - Ratan ...

Ananda Majumdar

<b>Ruminations:</b> How JP can wake up Cong

The Congress party has clearly missed a trick with its ...

Sachin Shridhar

The quagmire called kashmir

For the past three decades, the separatist leaders have claimed ...