ONGC on hotbed, touches new low on clarification over OALP-1 contracts; share down 15%, all details here


Reportedly, mining mogul Anil Agarwal-led Vedanta Ltd walked off with 41 out of 55 oil and gas exploration blocks offered in OALP-1, contracts for which were signed at a function on 1st Oct. State-owned Oil India Ltd won nine blocks, while Oil and Natural Gas Corp managed to win just two.

ONGC on hotbed, touches new low on clarification over OALP-1 contracts; share down 15%, all details here

As usual, the Dalal Street continued for another bloodbath, as the benchmark Sensex and Nifty indexes traded on negative today ahead of RBI’s bi-monthly monetary policy. Interestingly, it was the oil and gas sector which turned to be top losers, so much so, that few its major stocks even touched an all-time low, among which was largest oil distributor ONGC.

The company has cracked a low of Rs 149.10 per piece resulting in overall decline of 15% on BSE. However, at around 1158 hours, the ONGC share price was trading at Rs 151.55 per piece low by Rs 23.25 which is 13.30%.

Reason can be attributed to a clarification sought by stock exchanges in regards to a media report saying, ‘Government signs OALP-1 contracts with Vedanta, ONGC’. The reply is awaited from ONGC.

According to Economic Times, Oil Minister Dharmendra Pradhan said on Monday that “5,900 crore of investment has been committed in 55 oil and gas exploration areas awarded under India’s maiden open acreage auction. Read More

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