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Shares of Petronet LNG Ltd fell as much as 5.3 per cent to Rs 224.20, their steepest intra-day per cent loss since June 17, 2022.
The gas importer on Wednesday posted an 18 per cent fall in March-quarter profit of Rs 614 crore ($75.20 million), hurt by a sharp increase in costs.
Kotak Institutional Equities cut volume estimates for Dahej terminal utilisation by 4-5 per cent on a likely fast ramp-up of new domestic gas, and the Dhamra terminal's impending commissioning
They have reduced the earnings estimate by 4-10 per cent for FY24-25 due to a cut in volumes.
Also read: Petronet LNG to set up floating LNG terminal at Gopalpur
The brokerage firm has also downgraded the stock to "sell" with the price target reduced to Rs 200 (from Rs 215)
PLNG also reported revenue from operations at Rs 138.74, up ~24 per cent.
About 1.3 million shares changed hands by 9:39 a.m. IST, 0.5x the 30-day average, Refinitiv Data said
18 of the 32 analysts covering PLNG have a "buy" or higher rating, 10 have "hold", while four rate it at "sell" or lower; median PT is Rs 240.
The stock was last down 4.1 per cent, cutting YTD gains to 5.3 per cent ($1 = 81.6525 Indian rupees)
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