Mahanagar Gas shares dropped 16% after Citi downgraded stock to 'sell' due to potential regulatory risks.
Mahanagar Gas shares dropped 16% after Citi downgraded the stock from "buy" to "sell" due to potential regulatory risks affecting MGL's margins. Concerns stem from recent statements by India's oil minister Hardeep Singh Puri, who mentioned possible government measures to ensure consumers benefit from gas reforms, which could negatively impact MGL's exclusivity and margins. As a result, Citi lowered its price target on the stock from Rs 1,480 to Rs 1,405.
March 06, 2024
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