ONGC rallies 5% ahead of stake sale

Oil and Natural Gas Corporation (ONGC) has rallied 5% at Rs 296 after the state-run oil exploration and production firm said that it will launch its share sale through an auction on Thursday.

The government will sell 5% of its holding, or about 428 million shares, in the offering and the floor price for the issue has been set at Rs 290 a share. "The day-long auction, will take place on Thursday between 9:15 am and 3:30 pm,” ONGC said in a notice to stock exchanges late on Tuesday.

A combined around 600,000 shares have chagned hands on the coutner on opening deals on the NSE and BSE.