Energy
Gujarat Gas shares plunge nearly 7% after supply cut amid US-Iran war
Mumbai/IBNS: Shares of Gujarat Gas Limited plunged nearly 7 percent after the company announced a temporary cut in gas supply to industrial consumers amid disruptions triggered by the escalating Middle East conflict, media reports said.
The city gas distributor has invoked force majeure provisions under its Gas Supply Agreements with industrial customers to reduce supply temporarily.
The company cited that an “act of war” is not covered under the insurance policies undertaken by customers, prompting the move.
Meanwhile, QatarEnergy has also invoked force majeure to pause supplies to some customers amid constraints in the availability of regasified Liquefied Natural Gas (R-LNG).
The supply disruptions come at a time when tensions in the Middle East have escalated following joint strikes by the United States and Israel targeting Iran.
US and Israeli officials said the strikes were part of a broader military campaign aimed at dismantling Iran’s ruling establishment and weakening its military and nuclear command structure.
Iran’s Supreme Leader Ali Khamenei, who succeeded Ruhollah Khomeini after the Iranian Revolution, had been the country’s most powerful political and religious authority for more than three decades, shaping its domestic and foreign policies.
His reported killing marks a dramatic escalation in hostilities and has plunged the Middle East into deep uncertainty, raising fears of a wider regional conflict and political instability.
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