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GAIL shares declines 9pc on ratings downgrade

Shares of GAIL India Limited fell over 9percent on Thursday after global brokerage firm CLSA downgraded the stock from BUY to UNDERPERFORM. The brokerage also cut its TP to Rs365 from Rs420/share earlier.

As per CLSA, the much-expected tariff revision for Gail’s HVJ&HVJ upgradation pipeline proved to be a big dissatisfaction against their expectation of a 15pc hike.

The stock sunk intraday low 10pc to Rs322.20 per share on NSE. At 12:10pm the stock was trading 9.45pc lower at Rs324.40 per share as compared to 79 points (0.66%) fall in NSE Nifty at 11,941.90.