State-owned Oil and Natural Gas Corp (ONGC) on Monday declared 100 per cent interim dividend and said it has sufficient funds to continue operations in an era of extreme volatility in oil prices.
In a statement, ONGC said its board of directors met on Monday and “declared an interim dividend of Rs 5 per equity share of Rs 5 each.”
The government, which owns 62.78 per cent stake in ONGC, will get Rs 3,949 crore in dividend and taxes.
The company further said the sudden and sharp decline in crude oil prices in the last few days had let to a lot of volatility in the sector, hitting share prices of upstream oil and gas producer firms.
