Petronet LNG shares tank over 9%

New Delhi: Shares of gas importer Petronet LNG Ltd dived over 9 per cent as Qatar halted liquefied natural gas (LNG) production after its facilities came under attack amid the ongoing West Asia conflict, disrupting supplies to India and squeezing feedstock availability for key domestic sectors.

The stock dropped 9.27 per cent to end at Rs 280.50 on the BSE. During the day, it tanked 11.69 per cent to Rs 273. At the NSE, shares of the firm fell by 9.28 per cent to Rs 280. Intra-day, the stock tumbled 11.95 per cent to Rs 271.75.

India, which depends on long-term LNG contracts with Qatar for a significant share of its gas needs, has seen a temporary suspension of cargoes, leading to supply cuts up to 40 per cent for a range of industrial consumers and city gas distribution (CGD) companies.