A new pricing regime was to be implemented from next month for all private and public sector natural gas producers under which rates were to rise to USD 8.3 from the current USD 4.2 per million British thermal units.
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Reacting to the development, shares of Reliance Industries fell as much as 3.53 per cent to Rs 872.60 on the BSE.
Similar movement was seen on the ONGC counter as well where the shares of the company declined 4.54 per cent to Rs 306.60 on the BSE.
The Election Commission yesterday asked the UPA government to defer notifying doubling of price of the fuel produced by companies such as Reliance Industries till general elections are completed.
Market analysts attributed the fall to the EC decision, which means the gas price hike may now be delayed as the new government could review the entire decision and take an independent view.
Though the decision to revise gas prices from April 1, 2014 was first taken in June 2013 and notified on January 10 this year, the Oil Ministry had approached Election Commission for permission to announce the new price.