GAIL shares fell 6.5% on Nov. 28, 2025, after tariff hike approved was below expectations.

GAIL (India) Ltd shares dropped 6.5% on November 28, 2025, after the PNGRB approved a 12% increase in pipeline tariffs, raising the integrated rate to ₹65.69 per MMBtu effective January 1, 2026—below market expectations and GAIL’s requested hike. The decision, citing higher system-use-gas costs and a lower volume divisor, disappointed investors, prompting analyst downgrades and a break below the 200-day moving average. While the modest increase offers limited relief, regulators said the next review is scheduled for 2028, with full adjustments expected then. Despite the setback, brokerages like UBS and Citi maintained 'Buy' ratings, citing GAIL’s strong infrastructure and long-term growth potential in city gas distribution.