ONGC hits 7-year high; jumps 9% in 2 days on discovering major gas reserves

According to a PTI report, ONGC has made two significant back-to-back natural gas discoveries in a Mahanadi basin deepwater block in the Bay of Bengal

Shares of Oil & Natural Gas Corporation (ONGC) rose 3 per cent on BSE to the highest level in over seven-years in Monday's trade. The stock jumped to Rs 230.40, its highest level since November 2016.

The stock had hit a record high of Rs 314.57 on January 9, 2014, data shows.

The strength comes after the state-owned company made two consecutive natural gas discoveries in Mahanadi basin block. In the past two trading days, the stock of the oil exploration & production company has surged 9 per cent.

According to a PTI report, ONGC has made two significant back-to-back natural gas discoveries