Adani Total Gas shares fall on price cut announcement
Adani Total Gas shares slid almost 11% in just two days, landing at ₹544 on Monday after a quick profit-taking sell-off.
This comes right after the stock had jumped about 30% in three trading sessions, a wild ride for anyone watching the markets.
LPG prices are skyrocketing
Rising LPG prices, thanks to ongoing conflicts in West Asia, are hitting both your kitchen and businesses.
Domestic gas cylinders are now ₹60 pricier, and restaurants are feeling the pinch too, with some even cutting back on menu items due to shortages.
Price cut for select industrial customers
With India the second-largest LPG importer, Adani Total Gas is juggling supply headaches as more gas is sent to homes and vehicles instead of factories.
To help out industrial users facing these constraints, the company just slashed the price of excess natural gas for select industrial customers from ₹119.90/SCM to ₹82.95/SCM starting March 16 (0600 hours), hoping to ease some pressure during these uncertain times.