Reacting to the development, the stock slipped 8.11 per cent to hit a low of Rs 517.55 on the BSE.
The city gas distribution company had exclusive rights to distribute natural gas in the city under Section 16 of the Petroleum and Natural Gas Regulatory Board (PNGRB) Act.
PNGRB regulations provide for marketing exclusivity of three years for companies present in a city prior to the regulations and of five years for new ones. With the PNGRB dismissing the company's monopoly rights in the city, it would allow other players to enter the lucrative gas distribution market of the city hurting IGL's market share.
Read More News on
Download The Economic Times News App to get Daily Market Updates & Live Business News.
Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.
Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
Read More News on
Download The Economic Times News App to get Daily Market Updates & Live Business News.
Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.
Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price