Shares of Oil and Natural Gas Corporation fell over 3 per cent on Monday after the company posted halving of its December quarter net profit. On the BSE, the stock slumped 3.20 per cent to close at Rs 99.95. On the National Stock Exchange (NSE), it fell 3.19 per cent to settle at Rs 100. On traded volume front, 11.36 lakh shares of the company were traded on the BSE and more than 3.6 crore units exchanged hands on the NSE.
State-owned Oil and Natural Gas Corporation (ONGC) on Friday reported halving of its net profit in the third quarter ended December 2019 after it faced the double whammy of falling oil and gas prices and a drop in production.
Standalone net profit in the October-December 2019 period at Rs 4,152 crore was 49.8 per cent lower than Rs 8,263 crore net profit in the corresponding period of the previous financial year, the company said in a statement.