As of 2:42 pm, GAIL shares traded 11.2 per cent lower at Rs 318.20

Shares of state-run GAIL (India) Ltd plunged as much as 11.4 per cent to intraday low of Rs 317.40 on the back of heavy trading volumes. On the BSE, as many as 13.51 lakh shares changed hands compared with an average of 2.32 lakh shares traded daily in the past two weeks. The stock was underperforming the benchmark indexes as the Sensex and Nifty were trading 1.4 per cent lower.

Meanwhile, reports suggested that international equity research company CLSA has downgraded the stock to 'underperform' from 'buy' and cut its target price to Rs 365 from Rs 420 on tariff revision for a key pipeline.

As of 2:42 pm, GAIL shares traded 11.2 per cent lower at Rs 318.20.