Petronet LNG dropped 8.86%, while Mahanagar Gas declined 8.12% as investors reacted to the sharp spike in LNG prices, which could increase input costs for gas importers and city gas distributors.
The surge in global LNG prices follows escalating geopolitical tensions in the Middle East that have disrupted supply chains and heightened concerns over energy security. Higher LNG costs could potentially pressure margins for companies dependent on imported natural gas.