Shares of Oil and Natural Gas Corporation declined sharply in Tuesday’s session, falling nearly 2%as weakness in global crude oil prices weighed on upstream oil stocks.
ONGC shares were trading around Rs 231.96 on the NSEdown 1.44%after touching intraday lows near Rs 232. The stock had closed at Rs 235.35 in the previous session.
The decline comes as Brent crude slipped below the $60-per-barrel mark for the first time since May, intensifying concerns over realizations for upstream oil producers. West Texas Intermediate was also trading lower near $56 a barreladding pressure across the energy sector.
ONGC’s stock movement mirrored broader sentiment in oil and gas counters, as lower crude prices tend to impact revenue visibility for exploration and production companies.
As of the latest trade, ONGC’s market capitalisation stood at about Rs 2.93 lakh crorewith the stock trading within its intraday range of Rs 232.20 to Rs 235.30.
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