March 20, 2018 / 6:07 AM / a month ago

BUZZ-India's Gujarat State Petronet hits 8-mth low; gets approval to buy stake in Gujarat Gas

** Shares of Gujarat State Petronet Ltd fall as much as 7.7 pct to 173.65 rupees, its lowest since July 21

** Co's board of directors approve acquisition of 28.4 pct stake in Gujarat Gas Ltd from parent co Gujarat State Petroleum Corporation Ltd in an all-cash transfer (bit.ly/2GKBaz5)

** Market is not optimistic because Gujarat State Petronet is taking debts of about one-third of its current market capitalisation to fund the deal and it may not be EPS accretive - analyst

** More than 1.5 mln Gujarat State Petronet shares change hands, compared with the 30-day avg of 0.6 mln shares

** Gujarat Gas up as much as 2.2 pct

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