Meanwhile, the BSE Sensex was down 212.91 points, or 1.31%, to 16,005.62.
On BSE, 9.67 lakh shares were traded in the counter as against an average daily volume of 7.36 lakh shares in the past one quarter.
The stock hit a high of Rs 207 and a low of Rs 194.80 so far during the day. The stock had hit a 52-week low of Rs 170 on 10 April 2012. The stock had hit a 52-week high of Rs 453.25 on 7 September 2011.
The stock had underperformed the market over the past one month until 31 May 2012, falling 11.37% compared with the Sensex's 6.35% fall. The scrip had also underperformed the market in past one quarter, sliding 47.84% as against 8.64% fall in the Sensex.
The mid-cap company has an equity capital of Rs 140 crore. Face value per share is Rs 10.
Indraprastha Gas (IGL) announced during trading hours today, 1 June 2012, that the Delhi High Court will deliver its verdict on the case between the company and government regulator Petroleum and Natural Gas Regulatory Board (PNGRB) today.
On 9 April 2012, the regulator PNGRB had ordered IGL to cut network tariff by around 60% retrospectively from April 2008. IGL, the sole distributor of CNG (compressed natural gas) and PNG (piped natural gas) in Delhi and adjoining areas, in its petition had challenged the regulator's order terming it to be invalid. It had contended that the regulator had no right to fix the network tariff and compression charge for CNG supplied by it to consumers.
Shares in IGL have fallen 44.07% to Rs 193.75 on 31 May 2012 from Rs 346.40 on 9 April 2012 when the regulator issued directive.
According to the PNGRB order, IGL can charge Rs 38.58 for every million British thermal unit (a measurement of heat value of fuels) for transmission of gas, against Rs 104.05 that it charges now. Also, CNG compression tariff was pegged at Rs 2.75 per kg. IGL charges Rs 6.66. These rates are to be retrospectively applicable from 1 April 2008.
IGL has decided not to change its tariff structure until the court gives its verdict. Similarly, PNGRB will not take any coercive action against IGL.
IGL's net profit rose 16.8% to Rs 80.76 crore on 41.4% growth in net sales to Rs 720.26 crore in Q4 March 2012 over Q4 March 2011.
IGL is the sole supplier of CNG and PNG in Delhi, Noida, Greater Noida and Ghaziabad.