GAIL shares drop as PNGRB cuts tariff expectations
GAIL shares fell over 6% after the PNGRB approved a smaller-than-expected pipeline tariff hike, raising rates to ₹65.69 per MMBtu instead of the ₹78 sought. The revised tariff will take effect from January 2026. Brokerages issued mixed reactions, with Citi seeing some positives while UBS termed the hike disappointing due to limited parameter adjustments.