Motilal Oswal downgrades Indraprastha Gas to 'neutral' from 'buy'

The supply-demand imbalance is likely to continue, thereby increasing the proportion of expensive non-administered price mechanism volumes in sourcing mix for CGDs.

The 20% penetration of electric vehicles in sales of new CNG vehicles over the next three years would result in a decline in average CNG sales volume growth to 9% from 12%.

Prospects of long-term high volume growth remain bleaker for the company.