Shares of Indraprastha Gas Ltd, India's largest city gas distributor, fell after Jefferies and Morgan Stanley downgraded the stock due to concerns over the new electric vehicle policy in Delhi. The policy could put a third of IGL's volumes at risk. Despite the downgrades, Citigroup believes there is still uncertainty over the timelines for the policy to become legislation. Indraprastha Gas remains optimistic about the future, citing the demand for gas in passenger and commercial vehicles.