Shares of state-run GAIL (India) fell as much as 5.8 per cent to their lowest level since February 15. Today's fall was also its biggest intra-day percentage loss since January 15, 2016.
At about 10.20 am, the stock was quoting at Rs 371.00, down Rs 20.15 or 5.15 per cent.
The stock opened at Rs 381 against Monday's close of Rs 391.15 and traded between Rs 381.00 and Rs 365.30 during the morning deals.
The company posted a 69 per cent fall in Q4 profit on Monday, on account of impairment charge on an investment.
“We remain cautious on GAIL on account of significant long-term LNG contracts, which are expensive relative to spot prices, and are likely to remain an overhang for some time," analysts at Jefferies said in a report.