ONGC dips nearly 6%, hits 52-week low level post Q3

Shares of Oil and Natural Gas Corporation (ONGC) on Friday fell by nearly six per cent after the company reported its lowest quarterly profit in more than 15 years.

ONGC's scrip went down by 5.67 per cent to hit its one-year low of Rs 191.30 on BSE.

At NSE, shares of the company declined by 5.9 per cent to Rs 191.15, its 52-week low.

ONGC on Thursday reported its lowest quarterly profit in more than 15 years as it took one-time impairment charge on reserves due to slump in oil prices.

Net profit of Rs 1,286 crore in October-December was 64 per cent lower than Rs 3,571 crore in the corresponding period a year ago, ONGC Chairman and Managing Director Dinesh K Sarraf had said.

With oil prices slumping to 12-year low, it wrote down the value of reserves it holds by Rs 3,994 crore. The write- down is called impairment.