Indraprashta Gas (IGL) is trading higher by around 3% at Rs 230 ahead of the Delhi High Court decision on the company’s petition challenging the order of Petroleum Natural Gas Regulatory Board (PNGRB) on network tariff and compression charge.
Earlier in April 9, PNGRB ordered a reduction in tariff and directed IGL to refund customers with retrospective effect. The total payout is estimated to be Rs 1,500 crore. The stock had plunged almost 34% in single day from Rs 346 to Rs 230 post PNGRB order on April 10.
The stock opened at Rs 224 and hit a high of Rs 231 on the National Stock Exchange. A total 3.2 million shares have changed hands on the counter so far on both the exchanges.