ONGC stock falls 3% on weaker-than-expected earnings
Shares in state-run producer Oil & Natural Gas Corp fell 2.5 percent a day after posting a bigger-than-expected fall in July-September net profit due to higher subsidies.
Shares in state-run producer Oil & Natural Gas Corp fell 2.5 percent a day after posting a bigger-than-expected fall in July-September net profit due to higher subsidies.
Lower production is another concern, analysts said. HSBC noted that ONGC posted a fourth sequential quarterly decline in crude oil production.
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HSBC maintained its 'neutral' rating on the stock with a target price at Rs 300. Reuters[/caption]
HSBC maintained its 'neutral' rating on the stock with a target price at Rs 300.
ONGC shares down 2.3 percent at Rs 259.15 as of 11:43 am.
Reuters
