Petronet LNG drops 4% as GDF International sells entire 10% stake

NEW DELHI: Shares of Petronet LNG dropped nearly 4 per cent on Thursday trade amid reports that GDF International has offloaded its entire 10 per cent stake in India's Petronet LNG in block trades on Thursday.

Following the report, the stock fell 4.33 per cent to hit a low of Rs 421 on BSE, eventually closing at Rs 425.80, down 3.25 per cent.

Petronet LNG is a state run company which owns a receiving and regasification terminal at Dahej, Gujarat, and another terminal at Kochi, Kerala.

The government owns 50 per cent stake in the company as of March 31.

GDF will sell the shares in a price range of Rs 417-440 a share, according to the term sheet, with the deal size of up to $512 million, according to a deal term sheet, Reuters reported.

The price range was a nil to 5.2 per cent discount to Petronet's Wednesday closing price of Rs 440.

The company earlier this week said that it did not expect any impact on gas supplies from Qatar after Saudi Arabia and six other Gulf nations severed ties with the nation, accusing it of supporting terrorism.