Oil and gas shares hit 52-week low as government lowers domestic gas price
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Shares of companies engaged in oil exploration and production business have hit 52-week lows after the government lowered the domestic gas price by over 10% to $5.02 mmBtu (metric million British thermal units).
Reliance Industries, Oil and Natural Gas Corporation (ONGC), Oil India and Cairn India have touched their respective 52-week lows on the BSE during the intra-day trade.
At 1354 hours, the S&P BSE Oil and Gas index was down 1.14% or 106 points at 9,160 compared with 0.17% rise in the benchmark S&P BSE Sensex.
The government today lowered the price of domestically produced natural gas by over 10% to $5.02 per mmBtu from $5.6 per unit, the first ever reduction in the rates of the fuel. The new price will be effective from April 1, a Business Standard report suggests.
The move will hit revenues of companies like state run Oil and Natural Gas Corporation and Mukesh Ambani's Reliance Industries, added report.
Among the individual stocks, Oil India and Cairn India has dipped 3% each at Rs 454 and Rs 217 respectively, Reliance Industries down nearly 2% at Rs 816 on the BSE. ONGC, trading flat at Rs 305, hit a 52-week low of Rs 301 in intra-day trade.
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