IGL, MGL shares nosedive up to 15% after APM gas allocation cut

Shares of city gas distribution (CGD) companies, including Indraprastha Gas and Mahanagar Gas, experienced significant declines of up to 15% after the government announced a reduction in priority gas allocations to these firms. Mahanagar Gas Ltd (MGL) saw its shares drop by 14.5%, reaching a low of Rs 1,503.80, while Indraprastha Gas Ltd (IGL) fell 13% to Rs 439.40 on the BSE.