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Shares of Petronet LNG, an oil and gas sector PSU company, fell on Thursday, January 2nd. The stock declined by more than 5% at the market opening
Petronet LNG opened at ₹344 on January 2nd, compared to the previous closing of ₹347, and reached an intraday low of ₹327. As of 11 am, the stock was trading at ₹325.50, down 6.36%
New issues from the Petroleum and Natural Gas Regulatory Board (PNGRB) and a sell recommendation from Citi have led to a significant drop
PNGRB has raised questions about Petronet LNG's regasification tariff. The company earned substantial profits by increasing gas rates from its Dahej plant
PNGRB states Petronet LNG increased regas tariffs annually, generating profits. If regasification tariffs fall under PNGRB's purview, the company's pricing power will be affected
A negative catalyst watch has been initiated on Petronet LNG for three months. Investors are advised to exercise caution due to regulatory risks and Citi's sell recommendation
Falling under PNGRB's purview could impact the company's profits, potentially lowering the share price. Global brokerage firm Citi has issued a sell recommendation for this stock
Citi has given a target price of ₹310 for the stock, which is about 10% lower than its current level. Investors are advised to exercise caution for the time being
Investing in the stock market is subject to risks. Consult your market expert before investing