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GAIL: Green shoots or one too many overhangs

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India’s largest gas distributor – GAIL (India) Ltd. – has been consistent in it's underperformance in the oil & gas space for the last three years. In 2018, the share prices declined by nearly 4%, in 2019 it declined by one-third, while in 2020 so far it has declined by one-fifth.

This is despite rising gas consumption and the country’s focus on increasing the share of natural gas in the energy basket.

We take a look if the overhangs justify the dismal stock price performance, and if there's reason to be optimistic . . .

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