ONGC fell 0.98% to Rs 91.05 amid profit booking after a recent steep rise.
The stock rose 16.62% in the past five sessions to end at Rs 91.55 on Monday (7 December 2020), from its recent closing low of Rs 78.50 on 27 November 2020.
On a year-to-date (YTD) basis, the stock has lost 29.05% while the benchmark S&P BSE Sensex has added 10.64% during the same period.
Last week, ONGC announced that its wholly owned overseas arm ONGC Videsh (OVL) made a "significant" strike of oil in its onshore block CPO-5 in Llanos Basin in Colombia. The light oil was discovered in the first well Indico-1X in the Indico field during December 2018, and to-date it has demonstrated a sustained flow at 5200 BOPD with a cumulative production of over three million barrels of oil so far.
CPO-5 is a large onland block covering 1,992 square kilometer (SKM) and offers exploratory and appraisal opportunities. This is the fourth commercial find in the block by OVL, which now plans to drill more wells to explore other plays in the block in immediate future.
OVL holds participating interest in seven exploratory blocks in Colombia in addition to two producing blocks with 50% stake in a joint venture company Mansarovar Energy Colombia.
ONGC is India's largest integrated oil and gas company. ONGC is 60.41% owned by the Government of India (as on 30 September 2020).
The state-run oil major's consolidated net profit fell 19% to Rs 4335 crore on 17.7% decline in net sales to Rs 83,619.16 crore in Q2 September 2020 over Q2 September 2019.
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