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Shares of GAIL were seen trading lower as HSBC has downgraded the stock after new LNG policy.
HSBC has downgraded GAIL (India) Ltd to “hold’’ from “overweight’’, and has cut the target to Rs 390 from Rs 604.
It says the new LNG policy is negative for the company.
India plans to boost LNG imports to raise power generation.
According to GAIL, the Government has announced subsidised LNG for power generators and asked the transmission company to take haircut.
The stock has 7 buy, 14 hold, and 17 sell ratings, according to Thomson Reuters Eikon data.
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