Indian gas firms plunge on Qatar LNG halt, supply disruption fears

GAIL (India)

04/03/2026 06:21

** Indian LNG companies' shares plunge as Mideast war escalates

** Nifty oil & gas index .NIFOILGAS down 2.5% vs Nifty 50's .NSEI 2% drop

** Petronet LNG PLNG.NS tumbles 9.5% to 271.75 rupees, set for worst day since June 2024 after 12% intraday drop

** GAIL (India) Ltd GAIL.NS down 6%, Gujarat Gas GGAS.NS slips 2.6%, Indraprastha Gas IGAS.NS falls 5%

** Qatar halts LNG production, risking India's gas supply as Qatar provides 40%-50% of LNG imports

** Petronet issued force majeure notice to QatarEnergy on Monday over LNG tanker disruptions

** J.P. Morgan warns energy firms face significant costs with resource availability risks until shipping routes reopen

** Citi, J.P. Morgan flag GGAS earnings risk as about 33% of gas supplies are Qatar or spot LNG

(Reporting by Brijesh Patel in Bengaluru)

((Brijesh.Patel1@thomsonreuters.com; Ph no. +91 9590227221;))