IGL shares jump ahead of court verdict on network tariff dispute
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Shares in Indraprastha Gas (IGL) traded higher ahead of the Delhi High Court verdict in the company's dispute with government regulator Petroleum and Natural Gas Regulatory Board (PNGRB).
At 09.45 a.m., shares in the company traded 3.5 per cent higher at Rs 200.45 on the BSE, while the Sensex was down 0.34 per cent at 16,164.
The government owned gas utility firm had approached the Delhi high court over the constitutionality and legality of the powers of PNGRB to fix network tariffs.
In April, the regulator (PNGRB) had ordered IGL to cut network tariff by around 60 per cent retrospectively from April 2008. The total refund on account of the retrospective nature of the order was pegged between Rs 900-1,200 crore.
If implemented, the order would wipe out the company's entire net worth of Rs 1,500 crore, IGL has argued in the court.
Shares in IGL had plunged 33.7 per cent to end at Rs 229.80 on 10 April when the order was made public. Since then the stock has failed to recover.