Indraprastha Gas shares surged as much as 17.8 per cent after the Supreme Court ruled that Petroleum and Natural Gas Regulatory Board (PNGRB) could not set gas tariffs on behalf of gas distributors.
Indraprastha Gas shares surged as much as 17.8 per cent on Wednesday after the Supreme Court dismissed the appeal of Petroleum and Natural Gas Regulatory Board (PNGRB) filed against the Delhi High Court decision by which the regulator’s order of fixing the prices of CNG and PNG in Delhi and adjoining areas was quashed.
In dismissing PNGRB’s request to set prices, the ruling effectively gives Indraprastha more freedom to set its own tariffs.
A bench headed by Justice Dipak Misra rejected the appeal of PNGRB that it has got all the rights to determine the prices of compressed natural gas (CNG) and piped natural gas (PNG).
With Reuters inputs