ONGC tumbles 6% to hit four-month low; stock down 27% from 52-week-high

The stock of the state-owned oil and gas exploration also under pressure after UK imposes 25 per cent energy windfall tax on oil and gas producers.

Shares of Oil and Natural Gas Corporation (ONGC) hit a four-month low of Rs 142.35, down 6 per cent on the BSE in Friday’s trade after the company said it will invest Rs 31,000 crore over the next three years in exploring the Indian sedimentary basin for fuel reserves.

The stock of the state-owned oil and gas exploration was also under pressure after the UK imposed a 25 per cent energy windfall tax on oil and gas producers to help households as bills surge. CLICK HERE FOR FULL STORY

ONGC was trading at its lowest level