ONGC drops on buzz government may offload 5-10% stake

ONGC lost 4.11% to Rs 398.10 at 15:11 IST on BSE on reports the government is planning to sell a 5 to 10% stake in state-run oil & gas exploration firm.

Meanwhile, the BSE Sensex was down 445.25 points, or 1.71%, to 25,654.83

On BSE, so far 9.57 lakh shares were traded in the counter, compared with an average volume of 6.71 lakh shares in the past one quarter.

The stock hit a high of Rs 419.95 and a low of Rs 397.80 so far during the day. The stock hit a 52-week high of Rs 472 on 9 June 2014. The stock hit a 52-week low of Rs 234.40 on 28 August 2013.

The stock had underperformed the market over the past one month till 7 July 2014, falling 10.53% compared with the Sensex's 2.77% rise. The scrip, however, outperformed the market in past one quarter, jumping 27.52% as against Sensex's 16.81% rise.

The large-cap company has an equity capital of Rs 4277.74 crore. Face value per share is Rs 5.

As per reports, the government is planning to sell a 5 to 10% stake in ONGC. The Indian government holds a 68.94% stake in ONGC (as on 31 March 2014).

In 2012, the sale of a 5% stake in ONGC had fetched the government around Rs 12000 crore.

ONGC's net profit surged 44.3% to Rs 4889 crore on 2.4% decline in net sales to Rs 20880.93 crore in Q4 March 2014 over Q4 March 2013.

ONGC is India's largest government-run corporation and produces about 70% of India's crude oil and natural gas.

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