ONGC may sell stakes in IOC, GAIL; shares up

NEW DELHI: Shares of oil and gas companies including GAIL (India) and Indian Oil Corporation ( IOC) turned mixed on Thursday after reports that Oil and Natural Gas Corporation ( ONGC) may consider selling its stake in other state-owned firms to partly fund its HPCL acquisition.

Shares of ONGC gained 1.09 per cent at Rs 172.05 while those of GAIL fell 0.56 per cent to Rs 396.15 on BSE.

Indian Oil Corporation gained 0.43 per cent to end at Rs 397.30. Meanwhile HPCL closed 0.23 per cent down at Rs 415.10.

ONGC on Wednesday said it may sell its holding in Indian Oil Corporation (IOC) and GAIL to fund the Rs 33,000 crore acquisition of HPCL.
At present, ONGC has Rs 10,000 crore of cash and owns a nearly 14 per cent stake in IOC and nearly 5 per cent stake in GAIL.