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.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • The sudden crisis in oil exporting economies offers India big opportunity

    The unprecedented 6.5 per cent single-day hike in Russian interest rates on Tuesday and the subsequent devaluation of the ruble from 60 to the dollar

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Roopen Roy

Why do we shoot, load and then aim?

There is a joke about what Indians would do in ...

Zehra Naqvi

When humanity died, bestiality prevailed

The terrorist attack that killed 132 children in Peshawar has ...

Dharmendra Khandal

Protecting jungle cats is vital

In what can only be called a cat night, we ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture