Last Updated :
15 March 2010 at 13:30 IST
ONGC may miss output target: Stock sink on BSE
MUMBAI (Commodity Online): As a set-back news for the investors, India’s largest public sector oil explorer, Oil & Natural Gas Corporation Ltd (ONGC) (BOM:500312) may fail to meet the targeted oil production in the current financial year ending March 31, 2010. The company stocks slumped on the Bombay Stock Exchange (BSE) with heavy selling pressure.
ONGC ‘s domestic oil production is expected to be low at 24.9 million tonnes in the current fiscal, which is lower than the set target of 25.76 million tonnes. Company’s director for offshore operations, S Vasudeva had informed that the company’s oil fields were maturing, and new fields had not come on stream so far. There had been a delay; hence the shortfall in the targeted output is seen.
The company stocks traded with loss of close to 1.5% at Rs.1069 on the BSE in the afternoon trading session on Monday. The stock price has fallen by over 3% in past five trading sessions.
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