Shares of Gujarat State Petronet Ltd fell as much as 7.7 per cent to Rs 173.65, its lowest since July 21. The company’s board of directors has approved the acquisition of 28.4 per cent stake in Gujarat Gas Ltd from parent co Gujarat State Petroleum Corporation Ltd in an all-cash transfer. The market is not optimistic because Gujarat State Petronet is taking debts of about one-third of its current market capitalisation to fund the deal and it may not be EPS accretive, according to an analyst.
More than 1.5 mln Gujarat State Petronet shares changed hands, compared with the 30-day avg of 0.6 mln shares
Gujarat Gas was up as much as 2.2 per cent.