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ONGC stock falls over 3% on Q3 results

ONGC reported halving of its net profit in the third quarter ended December 2019.

PTI|
Last Updated: Feb 17, 2020, 03.51 PM IST
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Standalone net profit in the October-December 2019 period at Rs 4,152 crore was 49.8 per cent lower.
New Delhi: Shares of Oil and Natural Gas Corporation lost over 3 per cent on Monday after the company posted halving of its December quarter net profit.

State-owned Oil and Natural Gas Corporation (ONGC) on Friday reported halving of its net profit in the third quarter ended December 2019, after it faced the double whammy of falling oil and gas prices and a drop in production.

Standalone net profit in the October-December 2019 period at Rs 4,152 crore was 49.8 per cent lower than Rs 8,263 crore net profit in the corresponding period of the previous financial year, the company said in a statement.

The shares of the company closed 3.20 per cent lower at Rs 99.95 on BSE.

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