ONGC hits lowest level since Oct 2008 on weak operational performance in Q3
Shares of Oil and Natural Gas Corporation (ONGC) slipped over 3 per cent to hit an over 11-year low of Rs 99.35 on the BSE on Monday after reporting a weak operational performance for the quarter ended December 2019 (Q3FY20).
The stock of the state-owned oil exploration & production firm was trading at its lowest level since October 27, 2008, when it touched Rs 89.68 in intra-day trade.
ONGC, on Friday, reported that its of its standalone pre-tax profit (PBT) halved to Rs 5,999 crore in Q3FY20, against Rs 12,063 crore during the same period previous year. The company’s net profit also halved to Rs 4,153 crore in the quarter from Rs 8,263 crore in the previous year quarter.
