Offshore platform mishap pulls down ONGC

DALAL STREET SPIKES

ONGC slipped around 3 per cent from Rs 966.20 to Rs 938.45 in the wake of Wednesday's accident at its off-shore Bombay High platform, resulting in heavy losses both on human and financial front.

The platform, which accounted for 30 per cent of the total production at Bombay High at 80,000 barrels per day, was completely destroyed in the fire.

The scrip which had closed at Rs 969.40 at BSE on the previous trading day tumbled to Rs 938.45 on Friday. The production capacity is expected to be restored within 6 to 8 months, with repair costs estimated at around Rs 1,000-1,800 crore.