ONGC shares fall over 4% after Q4 profit declines 53%. What should investors do now?
Shares of state-owned firm ONGC fell 4.3% to Rs 156.5 in Monday’s intraday trade on BSE after the firm’s consolidated net profit fell 53% to Rs 5,701 crore for the quarter ended March. The profit stood at Rs 12,061 crore in the March quarter of last year.
Its revenue from operations during the reporting quarter rose 5% to Rs 1.64 lakh crore. It was Rs 1.55 lakh crore in the corresponding quarter of last year.
On a standalone basis, the company reported a net loss of Rs 248 crore during the March quarter, compared with a profit of Rs 8,860 crore in the same quarter last year. Standalone gross revenues rose 5% to Rs 36,293 crore in the said period.
