ONGC Slips Over 3% Due To Fire At Gujarat Plant

Oil and Natural Gas Corporation (ONGC) shares fell more than 3 per cent after a fire broke out at its Hazira gas processing plant in Gujarat on Thursday morning, which was later brought under control. The shares of ONGC fell as much as 3.2 per cent to touch an intra-day low of Rs 65.45 on the BSE in early trading. However, they recouped some losses thereafter, and at 12:35 pm, were trading at Rs 66.55, down 1.63 per cent on the BSE, as against a per cent decline on the benchmark indices.

ONGC has shut the plant, which gets gas from its western offshore fields to produce liquefied petroleum gas and other products like naphtha.

ONGC has said there were no casualties or injuries, the fire has been extinguished and it is making efforts to resume normal operations at the plant."A fire was observed in the Hazira Gas processing plant in the morning today. Fire has been brought under control. There is no casualty or injury to any person," the company said in a tweet.

ONGC is the largest integrated oil and gas company in India and is owned by the government.

The BSE Sensex was trading at 36,875.45, weaker by 791.45 points or 2.09 per cent and the NSE Nifty was at 10900.85, down 230.65 points or 2.07 per cent at the time.