 "ONGC dips 9% in one week after government announces divestment plan")
Shares of Oil and Natural Gas Corporation (ONGC) have dipped 3% to Rs 409, extending its three-day’s fall, after the government cleared 5% disinvestment in oil major.
On September 10, the Cabinet Committee on Economic Affairs (CCEA), headed by Prime Minister Narendra Modi, had cleared the ONGC stake sale proposal.
Since then, the stock has declined 9% from Rs 445 on National Stock Exchange (NSE), against 1.3% fall in benchmark CNX Nifty at 1315 hours.
The merchant bankers will advise the government on the timing and modalities of Offer for Sale (OFS) and ensure best returns to the government, which holds 68.94% stake in ONGC, the PTI report suggests.
The CCEA also approved selling 10% of the government's stake in Coal India and 11.38% in NHPC.
Coal India is trading 2% lower at Rs 346, while NHPC down 2.4% at Rs 20.55 on NSE. Both these stocks have fallen more than 7% each since the divestment plan announced.
On September 10, the Cabinet Committee on Economic Affairs (CCEA), headed by Prime Minister Narendra Modi, had cleared the ONGC stake sale proposal.
Since then, the stock has declined 9% from Rs 445 on National Stock Exchange (NSE), against 1.3% fall in benchmark CNX Nifty at 1315 hours.
The merchant bankers will advise the government on the timing and modalities of Offer for Sale (OFS) and ensure best returns to the government, which holds 68.94% stake in ONGC, the PTI report suggests.
The CCEA also approved selling 10% of the government's stake in Coal India and 11.38% in NHPC.
Coal India is trading 2% lower at Rs 346, while NHPC down 2.4% at Rs 20.55 on NSE. Both these stocks have fallen more than 7% each since the divestment plan announced.
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