ONGC falls 10% in two days; loses market cap worth Rs 223 billion

The stock dipped 5% to Rs 166, extending its previous day's nearly 5% fall on BSE, trading at its lowest level since September 26, 2017.

Oil and Natural Gas Corporation (ONGC) dipped 5% to Rs 166, extending its previous day’s nearly 5% fall on BSE, after the media report suggested that the government may ask the company to share the burden to reduce fuel price.

In past two trading session, the market capitalisation of state-owned oil exploration & production company declined by Rs 223-billion to Rs 2,148-billion, the BSE data shows. The stock hit eight month low, trading at its lowest level since September 26, 2017.

“The Petroleum Ministry plans to direct ONGC to sell its crude oil at below ruling international prices