Sharemasterindia.com: Indraprastha Gas shares surged as much as 16.5 per cent on Wednesday after the Supreme Court dismissed Petroleum and Natural Gas Regulatory Board's (PNGRB) plea over gas price regulation.
Oil & gas regulator PNGRB, three years ago had asked IGL to reduce network traffic by 63 per cent and ordered IGL to refund the difference amount to customers with a retrospective effect from April 1, 2008 till the date of the order.
The Supreme Court today upheld the Delhi High Court's verdict and said that PNGRB has no power to set the tariff of distributors.
As of 11.11 a.m. Indraprastha Gas shares traded 10.63 per cent higher at RS 462.20 apiece, outperforming the broader Nifty, which was up 0.83 per cent.
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