Shares of Oil and Natural Gas Corporation (ONGC) have declined to their lowest level since May 13, 2014, down nearly 4% to Rs 354 on the NSE, after Brent crude oil price hit a new five-year low.
“Brent and US crude oil each fell more than $2 a barrel on Monday to a new five-year low amid a rising number of predictions that oversupply would extend well into 2015,” the Reuters report suggests.
The stock of the country’s biggest explorer has underperformed the market dropping nearly 24% from its record closing high of Rs 466 on June 6, 2014 compared to about 10% rise in the benchmark CNX Nifty.
Meanwhile, according to media reports, the government, which holds a 68.94% stake in ONGC, is planning to sell a 5% stake in the company by the end of January.
“Brent and US crude oil each fell more than $2 a barrel on Monday to a new five-year low amid a rising number of predictions that oversupply would extend well into 2015,” the Reuters report suggests.
The stock of the country’s biggest explorer has underperformed the market dropping nearly 24% from its record closing high of Rs 466 on June 6, 2014 compared to about 10% rise in the benchmark CNX Nifty.
Meanwhile, according to media reports, the government, which holds a 68.94% stake in ONGC, is planning to sell a 5% stake in the company by the end of January.
