ONGC stock falls over 3% on Q3 results

PTI New Delhi | Updated on February 17, 2020

Shares of Oil and Natural Gas Corporation lost over 3 per cent on Monday after the company posted halving of its December quarter net profit.

On the BSE, the stock slumped 3.15 per cent to ₹100. On the National Stock Exchange (NSE), it fell 3.19 per cent to ₹100.

State-owned Oil and Natural Gas Corporation (ONGC) on Friday reported halving of its net profit in the third quarter ended December 2019, after it faced the double whammy of falling oil and gas prices and a drop in production.

Standalone net profit in the October-December 2019 period at ₹4,152 crore was 49.8 per cent lower than ₹8,263 crore net profit in the corresponding period of the previous financial year, the company said in a statement.

Published on February 17, 2020

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor