Shares of Oil and Natural Gas Corp (ONGC) today ended with a loss of nearly 5 per cent, eroding Rs 7,913 crore from its market valuation, after the company reported its lowest quarterly profit in more than 15 years.
ONGC's scrip fell by 4.56 per cent to end at Rs 193.55 on BSE. Intra-day, it tumbled 7.29 per cent to Rs 188 -- its 52- week low.
On NSE, shares of the company slipped 4.87 per cent to close at Rs 193.25.
Consequently, the company's market valuation declined by Rs 7,913.49 crore to Rs 1,65,591.51 crore.
In terms of volume, 8.31 lakh shares of the company changed hands on BSE and over 67 lakh shares were traded on NSE during the day.
ONGC yesterday reported its lowest quarterly profit in more than 15 years as it took one-time impairment charge on reserves due to slump in oil prices.
Net profit of Rs 1,286 crore in October-December was 64 per cent lower than Rs 3,571 crore in the same period a year ago, ONGC Chairman and Managing Director Dinesh K Sarraf had said.
With oil prices slumping to 12-year low, it wrote down the value of reserves it holds by Rs 3,994 crore. The write- down is called impairment.
