Meanwhile, the S&P BSE Sensex was down by 557.81 points or 1.39% to 39,525.73.

On the BSE, 16.17 lakh shares were traded in the counter so far compared with average daily volumes of 2.32 lakh shares in the past two weeks. The stock had hit a high of Rs 338.95 and a low of Rs 315 so far during the day. It hit a 52-week high of Rs 398.80 on 16 August 2018 and a 52-week low of Rs 296 on 05 October 2018.

The Petroleum and Natural Gas Regulatory Board (PNGRB) is India's oil & gas regulator. In orders dated 4 June 2019, PNGRB declared revised levelized tariffs for GAIL (India)'s Hazira-Vijaipur-Jagdishpur (HVJ) & Dahej-Vijaipur (DVPL) and Vijaipur-Dadri (GREP) up-gradation (HVJ Upgradation) pipeline system and Mumbai Regional Natural Gas Pipeline Network (MRNGPN).

According to media reports, even though the new rate is slightly higher than the previous rate, it is still substantially lower than what GAIL (India) had asked.

Net profit of GAIL (India) rose 9.92% to Rs 1122.23 crore on 21.60% rise in net sales to Rs 18763.41 crore in Q4 March 2019 over Q4 March 2018.

GAIL is the largest state-owned natural gas processing and distribution company in India.