India's Indraprastha Gas falls most in over 3 years on Jefferies downgrade

Indraprastha Gas

20/10/2023 07:01

** Shares of Indraprastha Gas  IGAS.NS  fall as much as
10.9% to 408 rupees, steepest intraday fall since March 23, 2020
    ** Jefferies downgrades stock to "Hold" and cuts PT to 465
rupees from 565 rupees on growing EV risk
    ** Delhi government submitted policy on EV adoption by cab
aggregators, delivery service providers and e-commerce entities
for approval; could impact ~30% of IGAS's overall volumes
starting FY25 - Jefferies
    ** Policy mandates phase-wise conversion of aggregators'
fleet with share of EV in new purchases rising to 50% in 3 years
and 100% in 5 years
    ** More than 12.4 mln shares change hands by 11:20 a.m. IST
vs 7.9x 30-day avg of 1.6 mln shares
    ** Stock currently down 9.6%, trimming YTD gains to 1%


 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))