ONGC declines after ONGC Videsh signs MoU with YPF S.A.

ONGC fell 1.63% to Rs 437.35 on BSE after ONGC Videsh and YPF S.A., the major oil producing company of Argentina entered into a memorandum of understanding on 1 September 2014 to cooperate in the hydrocarbon sector.

The announcement was made during market hours today, 3 September 2014.

Meanwhile, the BSE was up 112.68 points or 0.42% at 27,132.07.

On BSE, so far 5.99 lakh shares were traded in the counter, compared with an average volume of 7.35 lakh shares in the past one quarter.

The stock hit a high of Rs 450 and a low of Rs 436.95. The stock hit a record high of Rs 472 on 9 June 2014. The stock hit a 52-week low of Rs 246 on 4 September 2013.

India's largest oil & gas exploration firm by sales has an equity capital of Rs 4277.74 crore. Face value per share is Rs 5.

Under the memorandum of understanding (MoU), the two companies will analyse the opportunities for cooperation in the upstream sector in Argentina, India and third countries. The MoU also envisages collaboration in the areas of research & development and human resources.

ONGC Videsh is a wholly owned subsidiary of ONGC.

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