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Gujarat Gas Relists, Falls 5% to Hit Lower Circuit

Gujarat Gas Relists, Falls 5% to Hit Lower Circuit

Gujarat Gas shares, which were suspended from trading, relisted on the exchanges on Tuesday. The stock opened at Rs 680 compared to its previous closing price of Rs 743.10 on May 26, 2015, when it was delisted on account of merger of various entities with itself.

Gujarat Gas shares fell 5 per cent from its listing price of Rs 680 to its intraday low of Rs 646 on Tuesday. The stock will be in trade-to-trade segment for at least 22 trading sessions. Intraday trading is not allowed in the stocks which are in trade-to trade segment.

The current Gujarat Gas entity is the outcome of merger of Gujarat Gas Company, Gujarat State Petroleum Corp, Gujarat Gas Financial Services, Gujarat Gas Trading Co and GSPC Distribution Networks. One share of Rs 10 of Gujarat Gas Limited was issued for every one share held in Gujarat Gas Company, 81 shares of Gujarat Gas were allotted for 76 shares held in Gujarat State Petroleum Corp and one share of Gujarat Gas was allotted for every one share held in Gujarat Gas Financial Services.

The merged entity Gujarat Gas is the largest city gas distribution player in India and its total volume is 1.7 times that of its peer Indraprastha Gas.

Shares of Gujarat Gas closed at at Rs 646 per share, down 5 per cent compared to 0.55 per cent fall in the broader Nifty.