ONGC's Dec-quarter PBT halves to Rs 5,998 cr on fall in oil, gas prices

State-owned Oil and Natural Gas Corp (ONGC) on Friday reported halving of its pre-tax profit (PBT) to Rs 5,998.5 crore in the December quarter, against Rs 12,062.99 crore during the same period previous year. 

ONGC’s net profit also halved in the quarter after it faced the double whammy of falling oil and gas prices and a drop in production. Standalone net profit in the period at Rs 4,152 crore was 49.8 per cent lower than Rs 8,263 crore net profit in the same period of the previous fiscal year, the company said in a statement. The firm got 10 per cent