ONGC slides on corp governance issues; stock down 2%

MUMBAI: Shares of ONGC took a hit after Goldman Sachs downgraded the stock on governance issues.

Goldman Sachs put a ���sell��� rating on the public sector oil & gas major saying that the promoter (Government of India) have taken out $20 billion cash from the company without consulting the minority shareholders.

Speaking to a business news channel, the company���s chairman R S Sharma refuted the charges and clarified that there are no corporate governance issues.

At 10:40 am, ONGC shares eased some losses but were still down 2.04 per cent at Rs 650.90 on the BSE. The stock fell to a low of Rs 637.50.