ONGC drops in volatile trade

ONGC lost 0.21% to Rs 214.10 at 15:28 IST on BSE, with the stock sliding amid volatility after the company said its board approved the field development plan for the development of fields falling under cluster 2 of deep water NELP block KG-DWN-98-2.

The announcement was made during trading hours today, 28 March 2016.

Meanwhile, the S&P BSE Sensex was down 325.60 points or 1.29% at 25,011.96.

On BSE, so far 3.88 lakh shares were traded in the counter as against average daily volume of 6.22 lakh shares in the past one quarter. The stock was volatile. The stock lost as much as 0.97% at the day's low of Rs 212.45 so far during the day. The stock rose as much as 1.93% at the day's high of Rs 218.70 so far during the day. The stock had hit a 52-week high of Rs 343 on 5 May 2015. The stock had hit a 52-week low of Rs 188 on 12 February 2016.

The large-cap company has equity capital of Rs 4277.75 crore. Face value per share is Rs 5.

ONGC said that the development of the fields would involve a capital expenditure of a staggering $5076.37 million (Rs 34012 crore). The total oil production from the fields envisaged is 23.526 million tonnes with the first oil production expected by March 2020. The total gas production estimated is 50.706 billion cubic meters with the first gas output expected by June 2019. The project is expected to complete by June 2020.

ONGC's net profit fell 64% to Rs 1285.62 crore on 1.7% decline in net sales to Rs 18396.90 crore in Q3 December 2015 over Q3 December 2014.

ONGC is India's largest oil and gas exploration firm by sales.

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