New Delhi, Nov. 18 -- Shares of Mahanagar Gas, Indraprastha Gas, and Gujarat Gas among other city gas distribution (CGD) companies cracked up to 15% on Monday after the government cut the Administered Price Mechanism (APM) allocation to CGD players by 20% for the second straight month. This led multiple analysts to downgrade their ratings on CGD stocks.

Indraprastha Gas share price and Mahanagar Gas share price plunged up to 15% each, while Gujarat Gas stock price dropped 8% and Adani Total Gas stock price declined 4.4% in early trade on November 18.

"The revised domestic gas allocation to the company is approx. 20% lesser than the previous allocation which will have an adverse impact on profitability of the company," Indraprastha Gas s...