Meanwhile, the S&P BSE Sensex was down 319.26 points or 1.19% at 26,407.08.

On BSE, so far 1.35 lakh shares were traded in the counter as against average daily volume of 1.23 lakh shares in the past one quarter. The stock hit a high of Rs 383.75 and a low of Rs 376.60 so far during the trading session. The stock had 52-week high of Rs 418 on 25 June 2015. The stock had hit 52-week low of Rs 260.25 on 25 August 2015. The stock had underperformed the market over the past one month till 15 June 2016, sliding 0.32 % compared with the Sensex's 4.85% rise. The scrip had outperformed the market in past one quarter, surging 11.17% as against the Sensex's 8.86% rise.

The large-cap firm has equity capital of Rs 1268.48 crore. Face value per share is Rs 10.

The GAIL (India) stock has risen 3.3% in four trading sessions from its close of Rs 369.10 on 10 June 2016.

GAIL (India) and BG Asia Pacific Holdings Pte, the two promoters of Mahanagar Gas (MGL), are selling about 1.23 crore shares each of MGL via an initial public offer (IPO) of MGL. MGL will not get any proceeds from the IPO. The IPO opens for bidding on 21 June 2016 and concludes on 23 June 2016. The price band for the IPO has been set at Rs 380 to Rs 421 per share.

GAIL (India) and BG Asia Pacific Holdings Pte (BGAPH) hold about 4.44 crore shares each in MGL, constituting 45% stake each. The Maharashtra state government holds the remaining 10% stake. BGAPH is headquartered in Singapore and is a part of the Shell Group, an international exploration and production and LNG group of companies.

MGL is one of the largest city gas distribution companies in India. It is presently the sole authorized distributor of compressed natural gas (CNG) and piped natural gas (PNG) in Mumbai, its adjoining areas and the Raigad district of Maharashtra. The company distributes CNG for use in motor vehicles and PNG for domestic household use as well as for commercial and industrial use. MGL's net profit rose 2.55% to Rs 308.68 crore on 0.76% fall in revenue from operations to Rs 2078.92 crore in the year ended 31 March 2016 over the year ended 31 March 2015.

State-run GAIL (India) is India's largest natural gas company with a market share of over 80% in natural gas transmission. Apart from natural gas transmission, distribution and processing, GAIL has diversified business interests in LPG transmission, petrochemicals, city gas projects and exploration and production activities.

GAIL (India)'s net profit 50.8% to Rs 769.99 crore on 18.3% decline net sales to Rs 11627.20 crore in Q4 March 2016 over Q4 March 2015.