GAIL India is currently the top loser on the BSE, down 3.5% at Rs.385.45, its intra day low point at the moment.

This sudden turnaround in the moods on GAIL counter can be blamed directly on Credit Suisse. It put out a report stating that it has downgraded the rating on GAIL to ‘underperform’. This, the report explains is on account of major fall in its liquefied natural gas (LNG) demand and falling gas trading business.

The report goes on to add that its chemical capacity expansion will only go on to add to its woes and even with elimination of subsidy payments, its PAT is expected to be on a decline in current fiscal. Overall, it has pointed a finger at near-term earning risks.