IGL to contest tariff cut order in court, stock down 34%

Indraprastha Gas Ltd approached the Delhi High Court on Tuesday to contest a directive from a government regulator to cut gas tariffs in New Delhi, a top official said.

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“IGL has approached today Delhi high court, where we have challenged the constitutionality and legality of the powers of the PNGRB (Petroleum and Natural Gas Regulatory Board) to fix the tariff,” Managing Director M Ravindran told reporters.

PNGRB’s directive had sent shares in gas utilities reeling, with IGL closing down 34 percent on Tuesday, while Gujarat Gas ended down 15 percent and Petronet LNG down 3.1 percent.

Reuters