Canindia News

Adani Gas tanks 14 per cent on PNGRB notice

New Delhi, Jan 24 (IANS) Adani Gas stocks tanked up to 14 per cent to Rs 148 on the BSE in Friday’s session following reports that the Petroleum and Natural Gas Regulatory Board of India (PNGRB) has sent a notice to the comnpany for not disclosing crucial information regarding a scheme of arrangement with Adani Enterprises.

According to media reports, Adani Gas has bid for gas projects using networth calculations of the Gautam Adani-led Adani Enterprises and that the company’s shareholding changes and restructuring violated the city gas distribution regulations.

The sector regulator PNGRB is seeking to cancel the company’s licences and levy Rs 400 crore penalty for the violations, the report said.

The company is learnt to have clarified that it had responded to PNGRB “with all required information to close the matter”.

“We are fully compliant and have transparently represented facts… All concerned authorities were intimated about reorganisation of the company,” the reports quoted representatives of Adani Gas as saying.

Other Adani Group stocks also declined in intra-day trade on Friday — Adani Enterprises (down 5 per cent to Rs 219), Adani Green Energy (down 5 per cent to Rs 183), Adani Power (down 1 per cent to Rs 62.60), Adani Transmission (down 1.72 per cent to Rs 327), Adani Ports (down 1.4 per cent at Rs 380.50) on the BSE.

–IANS

san/bc

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