ONGC drops after withdrawing statement on Videocon deal

Oil India (down 0.47% at Rs 562.05) and Videocon Industries (down 2.29% at Rs 213) edger lower.

The S&P BSE Sensex was down 203.23 points or 1.05% at 19,237.84.

On BSE, 77,000 ONGC shares changed hands as against average daily volume of 2.96 lakh shares in the past one quarter.

The stock hit a high of Rs 322.60 and a low of Rs 313.55 so far during the day. The stock had hit a 52-week low of Rs 248.75 on 27 November 2012. The stock had hit a 52-week high of Rs 354.10 on 18 January 2013.

The stock had outperformed the market over the past one month till 10 June 2013, declining 1.52% compared with the Sensex's 3.19% slide. The scrip had, however, underperformed the market in past one quarter, falling 1.43% as against Sensex's 1.23% slide.

The large-cap state-run oil exportation major has equity capital of Rs 4277.74 crore. Face value per share is Rs 5.

ONGC withdrew a statement issued on Monday, 10 June 2013, saying its overseas oil exploration unit ONGC Videsh (OVL) and Oil India (OIL) had signed an agreement to buy a 10% stake in a Mozambique gas field viz. Rovuma Area 1 Offshore Block from Videocon Group for $2.48 billion. The company did not give the reason for the withdrawal. The field has the potential to become one of the world's largest liquefied natural gas (LNG) producing hubs by 2018, and is strategically located to supply gas to India at competitive prices, the withdrawn statement said.

ONGC's net profit declined 40% to Rs 3388.71 crore on 13.7% growth in net sales to Rs 21388.72 crore in Q4 March 2013 over Q4 March 2012.

The Government of India (GoI) holds 69.23% stake in ONGC (as per the shareholding pattern as on 31 March 2013).

Powered by Capital Market - Live News