Credit Suisse downgrades GAIL to underperform, shares end lower

GAIL India shares ended over 1 per cent lower on Monday after Credit Suisse downgraded the stock to "underperform" from "neutral".

Credit Suisse said India's LNG demand has fallen with a drop in oil prices, which has hit GAIL's gas trading business.

It also added that Rasgas prices are linked to 60-month average oil, which is a key drag on its petchem profitability.

GAIL shares closed 1.13 per cent lower at Rs 394.80 on the Bombay Stock Exchange (BSE).

(Reuters)