ONGC hits four-month low on brokerage downgrades

Oil and Natural Gas Corporation (ONGC) has dipped almost 3% at Rs 266, its lowest level since June 20, on concerns of deepwater well leakage in Krishna Godavari (KG) basin for last two months could delay hydrocarbon production.

Meanwhile, Credit Suisse downgraded state-run explorer to 'underperform' from 'neutral', citing rising risks to earnings in fiscal 2012-13, despite noting the stock continues to trade as a discount to global peers, the Reuters report suggests.

The stock opened at Rs 272 and hit a high of Rs 273 on the NSE. A combined 2.94 million shares have changed hands on the counter so far on the BSE and NSE.