Gas firms  gained on Monday after The Cabinet Committee of Economic Affairs has approved the new domestic gas pricing policy. As per the formulation approved by the CCEA, upward revision in gas prices will be approximately 75% less as compared to the price arrived at using Rangarajan formula.

Approximately 80% of the additional revenue due to revision in gas price will go to the Government companies.

Shares of ONGC rallied by 6.53% followed Indian Oil Corporation (4.49%), Oil India (2.65%), GAIL (2.58%) and Petronet LNG (2.39%).

However Reliance Industries (RIL) fell 0.33% as the new gas price will not be applicable to RIL's KG-D6 production because the company is in arbitration with the government.