Mumbai: State-run Oil & Natural Gas Corporation witnessed a tough June quarter as Covid-19 wrecked havoc for crude oil and gas prices. Analysts say the dismal show will continue for now.
Analysts had expected a dismal show and the stock price reflected the same as it dropped 3.3 per cent to Rs 79.35 ahead of the earnings announcement.
Consolidated profit slumped 84.7 per cent, while revenues shrank 43 per cent. The only silver lining, if one, was that the exploration and production (E&P) major has notified three discoveries — two pools and one prospect — after the end of the quarter, taking the total discoveries to six in fiscal year 2021 so far.
