Stocks
PG Electroplast drops 12% as Middle East conflict disrupts gas supply
Mumbai/IBNS: Shares of PG Electroplast tumbled on Monday amid concerns over gas supply disruptions triggered by the ongoing Middle East conflict involving Iran, Israel and the United States, media reports said.
The stock plunged nearly 12 percent after the company informed stock exchanges about constraints in gas availability due to the escalation of the conflict.
“The said communication is due to the constraints faced by certain vessels arising from maritime navigation restrictions in light of the recent ongoing war in the Middle East region, impacting the gas supply scenario,” the company said in its exchange filing, as reported by CNBC-TV18.
The company’s shares have fallen sharply over the past year, declining around 37 percent.
Meanwhile, the broader Indian stock market also witnessed a major sell-off on Monday as the escalating Middle East tensions rattled investor sentiment.
The BSE Sensex plunged nearly 2,400 points at the opening bell and continued to trade sharply lower hours later. Though it recovered slightly, the index was still down by around 1,800 points.
The NSE Nifty 50 opened below the 24,000 mark and, according to the latest update, was trading more than 500 points lower.
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