ONGC slips after fire accident at Surat plant

ONGC slipped 1.55% to Rs 66.60 after a massive fire broke out at the company's plant in Surat (Gujarat) in the early hours on Thursday.

"A fire was observed in the Hazira Gas processing plant in the morning today. Fire has been brought under control. There is no casualty or injury to any person," ONGC said in a tweet.

It later tweeted: "Fire at Hazira Plant has been completely extinguished. Efforts are being made to resume normal operations at the earliest."

The stock is up 28.57% from its 52-week low of Rs 51.8 hit on 13 March 2020. The counter is 124% away from hitting its 52-week high of Rs 149.65 on 4 November 2019.

ONGC is India's largest integrated oil and gas company. ONGC is 60.41% owned by the Government of India (as on 30 June 2020).

ONGC's consolidated net profit slumped 84.7% to Rs 1,090.03 crore on 42.9% drop in net sales to Rs 62,496.06 crore in Q1 June 2020 over Q1 June 2019. In dollars terms, standalone net realisation from crude oil price slumped 56.7% to $28.72 per barrel of oil (bbl) in Q1 FY21 from $66.32 bbl in Q1 FY20. Net realisation from crude oil price (joint venture) tanked 55.7% to $29.60 bbl in Q1 FY21 as against $66.78 bbl in Q1 FY20.

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