Gujarat Gas relists on bourses, closes at Rs 646

Gujarat Gas relisted on the stock exchanges on Tuesday and opened at Rs 680, down 8.5 per cent from Rs 743.10 on May 26, 2015, when it was delisted.

On BSE, its stock closed at Rs 646. On the NSE, Gujarat Gas shares closed at Rs 646, down 5 per cent against opening price of Rs 680.

The scrip is trading in trade-for-trade segment, in which no netting off is allowed, for 10 trading days. Its shares need to be in the 5 per cent band for 22 trading days, the exchange said.

The company was delisted in May after it merged its various companies with itself. GSPC Gas Company, Gujarat Gas Company, Gujarat Gas Financial Services and Gujarat Gas Trading Company had merged with Gujarat Gas, which was earlier known as GSPC Distribution Networks.

After the merger Gujarat Gas has become the largest city gas distributor, with volumes of approximately 1.7 times more as compared to Indraprastha Gas.