IGL Stock Crash Update: The stock of city gas distribution company Indraprastha Gas Limited (IGL) continued to fall for the second consecutive day. Since the announcement of the new Electric Vehicle Policy by the Delhi Government, there has been a sharp decline in the shares of IGL. The stock has fallen flat in the trading session of Friday, October 20, 2023. In today’s trade, the stock fell by 11 percent and slipped to a low of Rs 406.15. The stock has fallen by 15.41 percent in the last two days of trading session.
The new electric vehicle policy is for Delhi and it has affected IGL. On the other hand, foreign brokerage house Jefferies has also downgraded the stock of IGL. A decline of 9 percent has also been seen in the stock of Mahanagar Gas. The share of Mahanagar Gas has fallen by about 9 percent to the level of Rs 1019.50. Mahanagar Gas shares are trading at Rs 1029.45 with a fall of 8.42 percent.
Actually, on October 19, the Delhi Government has launched the Delhi Motor Aggregator and Delivery Service Provider Scheme in which bike taxis have been recognised. Also, a blueprint has been prepared to regulate app-based aggregators and delivery service providers. Under the new policy, bike and taxi aggregators will have to operate only through electric vehicles in Delhi.
According to the policy, cab aggregators like Uber, Ola as well as delivery service providers and e-commerce in the capital will be able to operate only electric vehicles by 2030. Announcing the policy, Chief Minister Arvind Kejriwal said that the Delhi government will take all steps to improve the transport service while increasing green mobility in the capital. The new electric vehicle policy has now been sent to Lieutenant Governor VK Saxena for approval.
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