Gujarat Gas share price falls 6%; several brokerages downgrade stock after Q3 result

Gujarat Gas share price saw significant profit booking in morning trade on Friday, February 16, declining as much as 6 per cent on BSE. 

Gujarat Gas share price opened at ₹570.70 against the previous close of ₹580.85 and soon declined 6 per cent to hit the level of ₹546. 

Around 9:30 am the stock traded 4.27 per cent lower at ₹556.05 on the BSE.

The stock has been witnessing volatility after declaring its December quarter result on February 13. 

The stock fell 0.3 per cent on February 14 and jumped about 4 per cent in the next session on February 15. It is trading lower today.

Gujarat Gas share price hit its 52-week low of ₹397.20 on October 26 last year. As per the stock's February 15 close, the stock is up 46 per cent from its 52-week low level.

The stock hit its 52-week high of ₹620.60 on February 7 this year. The stock is 6 per cent down from its 52-week high level as of February 15 close.

Gujarat Gas reported a standalone net profit after tax (PAT) of ₹220.34 crore for Q3FY24, down almost 41 per cent against a profit of ₹371.26 crore in the same quarter last year.

Revenue from operations for the quarter, however, rose nearly 7 per cent year-on-year to ₹4,084.26 crore.

In the same quarter last year, the company's revenue from operations stood at ₹3,821.28 crore.