ONGC rebounds 6% from day's low as board mulls share buyback

The stock moved 5% higher to Rs 150, bouncing back 6% from the intra-day low of Rs 141, after the company said that its board will meet on December 20 to consider a share buyback proposal.

Shares of Oil and Natural Gas Corporation (ONGC) have moved higher by 5% to Rs 150, bouncing back 6% from the intra-day low of Rs 141 on  BSE, after the company said its board will meet on Thursday, December 20, 2018, to consider a share buyback proposal.

“The meeting of the board of directors of the company is scheduled on 20/12/2018, inter alia, to consider and approve the proposal for buy-back of the fully paid-up equity shares of the company,” ONGC said in a regulatory filing.

The government, which holds a 67.48% stake in ONGC, is expected to