Gail India Shares Under Pressure After Pipeline Blast

Shares in Gail India fell as much as 1.7 per cent on reports that at least 15 people have been killed in an explosion at a gas pipeline owned by the state-run company in East Godavari district of Andhra Pradesh. Gail India specialises in natural gas processing and distribution.

The blast took place at around 5:30 am in Nagaram, around 560 km from Hyderabad. District Collector Neetu Kumari Prasad told NDTV that the number of dead could rise.

Gail chairman BC Tripathi said the fire broke out in an 18-inch pipeline near a state-owned refinery complex. "The reasons for the accident are not known yet. We are currently focused on rescue and relief operations," he said.

As of 12:21 p.m., shares in Gail were trading at Rs 454.50 apiece on the BSE, down 1.14 per cent from the previous close. The stock underperformed the broader Sensex, which traded 0.01 per cent higher.