GAIL opened the day today over 2.5% higher at Rs.90 and from there it slipped into the red, going down to an intraday low at Rs.83.85. It has recouped a bit but remains in the red at Rs.86 levels.
The market is perturbed by the news that its petrochemical plant at Pata, UP has been shut down due to the fall in demand and situation further precipitated by the transportation strike.
It has earlier cut down production sharply, almost by two thirds, as whatever was being produced was as such not being transported with unsold produced polymers now filling up all its godowns.
This is a news from the media and not something which the company has announced or confirmed.