By Admin 
Share Market News: The Indian stock market had a weak start on Wednesday, March 4. During this period, huge decline was recorded in both the benchmark indices Sensex and Nifty. On one hand, Sensex fell by more than 1122 points and closed near 78590. On the other hand, Nifty also closed at the level of 24480 with a fall of 385 points.
In early trading, those stocks which have deep connections with West Asian countries suffered especially heavy losses. These include companies like Petronet L&G and L&T. One of these companies is a big importer of gas and the other is an infrastructure company, which is working on many projects in Gulf countries. Apart from these, shares of Mahanagar Gas (down 8.50 per cent), Indraprastha Gas (down 5 per cent) and Gujarat Gas (down 4 per cent) also suffered losses.
Shares of gas companies fell
Petronet LNG is a major importer of gas in India. Its shares fell by about 12 percent in early trading yesterday. Later, there was a chance to recover a bit, but then at around 12:30 pm, Petronet shares were seen trading at Rs 279.30, down by Rs 29.35 or 9.51 percent.
This fall in the company’s shares came amid reports in which it was claimed that Qatar has stopped the production of natural gas after Iran’s drone attack on its facility. Qatar is the largest supplier of natural gas imported to India. Due to stoppage of production, there may be a shortage of gas in India and there is a possibility of a rise in prices.
Similarly, at 12:30 pm, MGL shares were trading at Rs 1103, down by Rs 104.30 or 8.64 percent. Mahanagar Gas is a distributor of gas in big cities and it also imports Liquefied Natural Gas and West Asia is a major supplier of it. It supplies urban areas of Mumbai, Thane district and surrounding municipalities in addition to Raigarh district of Maharashtra, with a focus on residential, commercial and industrial consumers.
L&T shares dived
The increasing conflict in the Middle East has also affected those stocks which have deep connections with West Asian countries. One of these is L&T (Larsen & Toubro). A large part of L&T’s revenue (about 55 percent) comes from international projects. Many of these are running in Gulf countries. In such a situation, the increasing tension between Iran and Israel has worried the investors of the big infrastructure company Larsen & Toubro (L&T). This is the reason why the company’s shares fell by more than 7 percent yesterday.
Shares of L&T are among those companies included in Nifty 50, which suffered the most loss yesterday. Around 12:30 pm, the stock was trading at Rs 3,814.10, down Rs 252.60 or 6.21 per cent. Its 52-week high and 52-week low are Rs 4440.00 and Rs 2965.30 respectively.
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