Top business headlines: ONGC m-cap plunges, crude oil dives, and more
From decline of ONGC’s market capitalisation, crude oil’s free-fall to Yes Bank rescue plan, here are the top news for the evening:
ONGC’s m-cap slips below Rs 1 trn-mark after 15 years on oil price crash
Shares of Oil and Natural Gas Corporation (ONGC) hit an over 15-year low of Rs 78.05, down 12 per cent, on the BSE on Monday as oil plunged over 20 per cent today after top exporter Saudi Arabia launched a price war in response to a failure by leading producers to strike a deal to support energy markets. ONGC has seen its steepest price correction with the stock price plunging 37 per cent in the last two months as against a 13 per cent fall in the S&P BSE Sensex. A combination of exchange traded fund (ETF) sale overhang, lower gas prices, and lower Brent prices drove the decline. Read More…
