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CNG ruling fails to boost IGL shares for second day

The shares of Indraprastha Gas failed to extend its gains on Monday after the Delhi High Court on Friday had ruled in its favour in case of CNG pricing. In late trade on Monday, its shares were down over 5 per cent on profit-taking to Rs 235.

BT Online Bureau   New Delhi     Last Updated: June 4, 2012  | 15:41 IST

The shares of Indraprastha Gas failed to extend its gains on Monday after the Delhi High Court on Friday had ruled in its favour in case of CNG pricing. In late trade on Monday, its shares were down over 5 per cent on profit-taking to Rs 235.

The Indraprastha Gas scrip rallied 28.70 per cent on Friday to Rs 249.35 after the Delhi High Court ruled in its favour Friday.

Stocks of other gas sector utilities like Gujarat Gas, Petronet LNG and GAIL India had also closed higher on Friday.

The Delhi High Court on Friday quashed the Petroleum and Natural Gas Regulatory Board order , which had slashed with retrospective effect the charges on CNG distributed by Indraprashta Gas Limited.

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