Shares of city gas distribution (CGD) companies, Indraprastha Gas (IGL) and Mahanagar Gas (MGL) hit their respective 52-week lows on the BSE in Wednesday’s intra-day trade after the companies reported a disappointing set of numbers for the quarter ended December 2021 (Q3FY22) and amid concerns of aggressive influx of electric vehicles (EVs).
IGL and MGL supply compressed natural gas (CNG) to the transport sector and piped natural gas (PNG) to the domestic industrial and commercial sectors.
Among the individual stocks, MGL slipped 6 per cent to Rs 781.20, down for the fourth straight trading day. The stock has tanked 39 per cent from its 52-week high of Rs 1,284 touched on June 16, 2021.
