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ONGC down nearly 3pc as profit dips

Shares of Oil and Natural Gas Corp (ONGC) today fell by nearly 3 per cent as the state-run firm reported a 11 per cent drop in September quarter net profit.

ONGC’s scrip went down by 2.73 per cent to Rs. 245 on BSE.

At NSE, shares of the company declined by 2.54 per cent to Rs. 245.05.

ONGC on Friday reported a 11 per cent drop in September quarter net profit as slumping global crude prices hurt its revenues.

Net profit in the July-September quarter at Rs. 4,842.02 crore was 11 per cent lower than Rs. 5,444.89 crore clocked in the same period of last fiscal, it had said in a statement.

ONGC said revenue was up 1.1 per cent at Rs. 20,732 crore on account of higher production.

The company said during the quarter it made three oil and gas discoveries in Mumbai offshore, shallow waters of Krishna Godavari basin off the east coast and in Tripura.

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