ONGC shares slide 3% as massive fire breaks out at Surat plant

Shares of Oil and Natural Gas Corporation (ONGC) dipped 3 per cent to Rs 65.45 on the BSE on Thursday after a massive fire broke out at the state-owned exploration & production company‘s plant in Surat, Gujarat. No one has been injured in the accident so far, the company said.

“The reason for the massive fire is being attributed to three consecutive blasts that took place at two terminals of the Hazira-based ONGC plant in Surat at around 3:30 am. The sound could be heard at a distance of over 10 km,” ANI reported.

In the past month, the stock has underperformed the market by falling 19 per cent, as compared to 3 per cent decline in the S&P BSE Sensex.