ONGC falls on weaker-than-expected earnings

ONGC falls on weaker-than-expected earnings

Shares in state-run producer Oil & Natural Gas Corp fell as much as 2.5 percent a day after posting a bigger-than-expected fall in July-September net profit due to higher subsidies.

Lower production is another concern, analysts say: HSBC estimates ONGC posted a fourth sequential quarterly decline in crude oil production.

HSBC maintains its 'neutral' rating on the stock with a target price at Rs 300.

ONGC shares were down 2.3 percent at Rs 259.15 as of 11:43 a.m.

 

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