Do not sell ONGC now: Vivek Mavani, Brics Securities

Vivek Mavani, VP & Sr. Portfolio Manager, Brics Securities (Fundamental check), in a chat with ET Now, speaks about ONGC.

What’s the call on the oil and gas space? What would you do with an ONGC, an Oil India, would you get out of them if you had holdings in them?

In a way if I had them, yes I would, at some point at news of this type, assuming it is confirmed. Probably later today or by tomorrow morning we should have clarity whether it is news or a rumour. I would just wait for that clarification because so far that is a rumour, even if it is actual news or an announcement made by the government or by ONGC, the worst is already there in the stock price, the stock price has already corrected 6-7%. How worse can it get in the near term?

I would not sell ONGC now, I would have probably done it earlier today just when it came out but now I guess it is not really the time to do it.