After falling 4.51 per cent to Rs 313.30 in intra-day trade at the BSE, shares of the company ended 0.56 per cent higher at Rs 329.95.
On the NSE, it closed at Rs 329.85, up 0.59 per cent, from its previous close.
ONGC yesterday reported 19.5 per cent drop in net profit at Rs 3,935 crore for the quarter ended March 31, 2015, mainly due to higher operating cost and write-off on dry wells drilled.
The company wrote off Rs 291 crore of exploration expenses for drilling wells that did not result in any discovery.
For the full 2014-15 fiscal, the company wrote off about Rs 10,000 crore, of which Rs 2,700 crore was on account of dry wells, Sarraf said.
In the broader market, the benchmark BSE Sensex today closed 321.73 points up at 27,828.44.