Petronet LNG slips nearly 5% on stake sale by ADB

NEW DELHI: Petronet LNG Ltd slipped 4.5 per cent in trade on Friday after the Asian Development Bank (ADB) has launched a share sale in gas supplier to raise up to $120 million, Reuters reported three sources with direct knowledge of the deal said on Thursday.

At 09:50 a.m.; Petronet LNG recouped some of the losses but was still trading 2.02 per cent lower at Rs 188.85. It hit a low of Rs 183.20 and a high of Rs 190.75 in trade today.

ADB, which owned a 5.2 per cent stake in Petronet LNG as of end-June, will sell the shares through block deals on the stock exchange, said the sources, who declined to be named as the deal details are not public yet, added the report.

Petronet LNG shares are up 58 per cent this year, outperforming a 25 per cent gain in the broader NSE index.