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Shares of GAIL (India) fell nearly 3 per cent in morning trade on Monday.
Credit Suisse has downgraded the stock to “underperform” from “neutral”.
It said India's LNG demand has fallen with a drop in oil prices, which has hit GAIL's gas trading business
It also added that Rasgas prices are linked to 60-month average oil, which is a key drag on its petchem profitability.
At 10.17 am, GAIL shares were down 2.91 per cent at Rs 387.70 on the BSE.
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