Barclays downgrades GAIL India Ltd shares to 'underweight'

Written by Reuters | Updated: Jul 30 2013, 19:46pm hrs
GAIL Ltd sharesBraclays downgrades GAIL (India) Ltd shares to "underweight" from "overweight", after cutting its earnings per share forecast for fiscal years 2014 to 2016 by 26-31 percent.(Reuters)
Braclays downgrades GAIL (India) Ltd shares to "underweight" from "overweight", after cutting its earnings per share forecast for fiscal years 2014 to 2016 by 26-31 percent. Brokerage adds domestic gas output has fallen faster than expected due to a drop in output from India's KG-D6 block, and expects a recovery to be 12-18 months away. The fall in output from KG-D6 will also raise gas costs for GAIL, Barclays adds. GAIL shares are down 3.11 percent, having lost 13.67 percent so far this year.