ONGC slumps 5% as government to sell stake through OFS

NEW DELHI: Oil and Natural Gas Corporation (ONGC) dropped 4.9 per cent in early trade Wednesday as the government said it will sell up to 1.5 per cent stake in the country’s top oil and gas producer this week. The offer for sale (OFS) by the government, through which the Centre seeks to raise around Rs 3,000 crore, will be open on March 30 and March 31, ONGC said.

ONGC’s scrip fell to a low of Rs 162.70 as against Rs 171 at previous close on the National Stock Exchange.