ONGC, Oil India gain up to 6% as govt increases gas prices; MGL falls 4%

Shares of state-owned oil exploration companies Oil and Natural Gas Corporation (ONGC), and Oil India gained up to 6 per cent on the BSE in Monday's intra-day trade after the government increased gas prices. ONGC rallied 6 per cent to Rs 134.50, while Oil India gained 4 per cent to Rs 182.10 in the intra-day trade. In comparison, the S&P BSE Sensex was down 0.30 per cent at 57,255 points at 09:19 AM.

The government, on Saturday, hiked prices of domestically produced natural gas for the October 2022-March 2023 period. The rate for gas produced from old fields was