GAIL stock slips after Sebi imposes fine on gas utility PSU

GAIL (India) Share Price: GAIL (India) Ltd was trading lower on BSE on Monday (May 27, 2024), a day after Sebi imposed fine on the OMC PSUs for not appointing requisite number of directors on its board. 

Stock exchanges imposed a total fine of Rs 34 lakh on oil refining and fuel marketing giant Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), Hindustan Petroleum Corporation Ltd (HPCL), explorer Oil and Natural Gas Corporation (ONGC), gas utility GAIL, Oil India Ltd (OIL), and refiner Mangalore Refinery and Petrochemicals Ltd (MRPL) for not meeting the listing requirement in the January-March quarter, stock exchange filings said.

A day after slapped with fine, GAIL India slipped by 1.91 per cent to the day's low of Rs 200.50 on Monday after closing at Rs 204.40 in the previous session.

The stock of the gas firm edned the trading session lower by 0.93 per cent, or Rs 1.90, at Rs 202.50 on Monday. 

GAIL's hydrogen plant

Earlier, GAIL's 10 MW Green Hydrogen Plant was commissioned in Madhya Pradesh.

It is a 4.3 TPD PEM electrolyser-based plant set up as a pilot project in Madhya Pradesh. 

To meet the requirements of 10 MW PEM electrolyser, the company is also setting up a 20 MW solar power plant in Vijaypur.

GAIL Share performance

GAIL has been up by 60.85 per cent in the six-month period, while it has risen by 89.69 per cent in the one year.