 "ONGC, RIL fall as Election Commission seeks deferment of gas price hike")
Shares of oil and gas companies like Reliance Industries (RIL), Oil and Natural Gas Corporation (ONGC) and Oil India are trading lower by up to 4% in early morning deals on the BSE after the Election Commission (EC) has ordered deferment of an increase in gas prices that was to take effect from April 1, 2014.
ONGC has dipped 4% to Rs 308, while RIL and Oil India are down 3% each at Rs 470 and Rs 879 respectively. EC stated that the decision on quantum of increase in gas price should be decided by the new government that will be formed after the general election.
Reliance Industries and ONGC were likely to be key beneficiaries of increase in gas price.
ONGC has dipped 4% to Rs 308, while RIL and Oil India are down 3% each at Rs 470 and Rs 879 respectively. EC stated that the decision on quantum of increase in gas price should be decided by the new government that will be formed after the general election.
Reliance Industries and ONGC were likely to be key beneficiaries of increase in gas price.