The nation's largest transporter of gas is in a fix. Know why

Shares of GAIL India, the nation's largest transporter of gas, fell more than 2 in early deals after the company's first quarter earnings fell substantially below estimates on lower realisations and a fall in prices.

GAIL said its first quarter consolidated Net Profit fell 32 percent to 424 crore rupees compared with 621 crore rupees in the same quarter a year ago. Sales during April-June fell 6 percent to 12,519 crore rupees from 13,337 crore rupees in the year ago period.

GAIL fell 2.3 percent, or 8.40 rupees, to 361.80 rupees on the National Stock Exchange, where 5.8 lakh shares were traded in the first hour of trade compared with the 5-day average of 8.61 lakhs.

GAIL's market capitalisation has fallen 16 percent in the past one year to 46,800 crore rupees.

Image credit: Indiatimes