Goldman Sachs downgrades ONGC

Goldman Sachs has downgraded the Oil and Natural Gas Corporation’s (ONGC) and put a 'sell' on its scrip citing that the promoter — government of India — has taken out $20 billion cash from the company without consulting the minority shareholders.

Corporate governance, says Goldman Sachs, is the key reason for the downgrade.

ONGC stock was down 0.93 per cent at Rs 658.30 on the Bombay Stock Exchange.