ONGC slips up to 4% after reporting a first-ever loss in March quarter

ONGC had logged a profit before tax (PBT) of Rs 11,691 crore in the corresponding period of FY19.

Shares of Oil and Natural Gas Corporation (ONGC) slipped as much as 3.93 per cent to Rs 78.20 apiece on the BSE on Wednesday, a day after the state-run oil and gas company posted a pre-tax loss of Rs 10,529 crore in the fourth quarter of the financial year 2019-20 (Q4FY20). The loss was due to a drop in crude oil prices, the impact of the Covid-19-induced lockdown, and exchange losses. It was ONGC’s first-ever quarterly loss.

At 09:29 am, the stock was trading 1.6 per cent lower at Rs 80.10 on the BSE. In comparison, the S&P BSE Sensex