ONGC declined 2% as OVL listing not in sight

NEW DELHI: Shares of state-owned Oil and Natural Gas Corporation (ONGC) declined 2 per cent in Thursday's session after the company said the government has not yet asked it to reconsider listing its overseas arm ONGC Videsh on bourses.

Earlier, the board of ONGC had deliberated on the demand from the Department of Investment and Public Asset Management (DIPAM) for the listing of OVL but felt that the market conditions are not right for an oil and gas exploration and production company to list, adding that there were several complexities involved in getting the firm listed.

ONGC Videsh has stakes in 41 oil and gas assets in 20 countries and in the last fiscal year produced oil equivalent to 26.2 per cent of India's local output.


Shares of the company traded 1.63 per cent down at Rs 145.20 around 9:50 am. The benchmark Sensex was 0.14 per cent up at 35,940 at that time.