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Mahanagar Gas plunges for third consecutive day on block deals

Nikita Singh
/ Categories: Trending, Markets
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Gas distribution company Mahanagar Gas plunged by 4 per cent on the bourses in Wednesday’s trade, in an extension of its 6.7 per cent fall over the past two days. The share price of the company has been falling owing to the block deals that involved changing hands of over 9 per cent of the total equity of the fuel distributors.


According to news reports, BG Asia Pacific Holdings Pte planned to sell up to 12.5 per cent stakes in the company. As of December 2017, the company held about 32.5 per cent stakes in Mahanagar Gas, which is a joint venture between state-owned GAIL Limited and BG Asia Pacific Holdings Singapore.


On Wednesday, the stock hit an intraday high of Rs. 921.20 per share and an intraday low of Rs. 908.90 per share on BSE, remaining below its previous close throughout the trading session. The stock also recorded a spurt in volume by more than 81.95 times as compared to its average volume.

Mahanagar Gas had touched its 52-week high of Rs. 1,345 per share on November 3, 2017 and its 52-week low of Rs. 874.55 per share on February 6, 2018 on BSE, respectively. The stock ended at Rs. 917 per share, down by 2.92 per cent on BSE on Wednesday.

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