2024-03-07 22:03:55
New Delhi: A huge decline is being seen in the shares of Mahanagar Gas Ltd. Even today the stock has fallen by more than 15 percent. The stock is currently trading at 1,315.40, down 250 points. Selling is being seen in the shares. The share of Mahanagar Gas Limited has suffered a big blow. This fall in the stock has not happened just like that. Actually, brokerage house City has downgraded the shares of Mahanagar Gas. The brokerage house has downgraded the shares and given a Sell rating. Earlier, the brokerage house had given buy rating to the stock. Brokerage house City has reduced the target price of Mahanagar Gas stock to Rs 1405. Earlier it was Rs 1480. Since then a huge decline is being seen in the stock. Brokerage house City has cited the impact of regulatory risk on the margins of Mahanagar Gas Limited.Bumper rise in the market in special business, Sensex-Nifty on green mark, complete details
continuous decline
Shares of Mahanagar Gas Limited have fallen by more than 10.58 percent in the last 5 days. The stock has fallen by 13.64 percent in the last one month. However, those who have invested in long term have got good returns in this stock. In the last 6 months, those investing in the shares of Mahanagar Gas Limited have got returns of more than 23 percent. If we talk about the last one year, the stock has increased by more than 34 percent. In the last 5 years, investors have got a return of 50.62 percent. However, now a decline is being seen in the stock.
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CNG price decreased
The company said on Tuesday that MGL has reduced the price of CNG to Rs 73.50 per kg from late night of March 5, 2024. Following this, Citi has expressed concerns about the company’s margins and reduced its target price for the stock to Rs 1405 from Rs 1480. The brokerage is closely monitoring potential negative catalysts in the next 90 days.