Oil and Natural Gas Corporation (ONGC) is trading lower by 2% at Rs 277, extending its previous day’s 2% fall after the Comptroller and Auditor General (CAG) damned the state-owned oil exploration firm for lack of focus on exploration, inefficient operations and tardy pace of developing new oil and gas finds.
“The government auditor said that the ONGC did not try hard enough to complete the committed work in 75% of the blocks it had acquired through bidding,” the report suggests.
The report also said that the company "nationally has the lowest efficiency in drilling" compared to private as well as its sister explorer Oil India.
The stock opened at Rs 280 and hit a low of Rs 276 on the NSE. A combined 602,401 shares have changed hands on the counter till early noon deals on both the exchanges.
