Oil India surges 19%; ONGC hits nearly 6-year high on heavy volumes

ONGC surged 6 per cent to Rs 212, its highest level since January 2018. Oil India, meanwhile, hit a new high of Rs 406 and has zoomed 26 per cent in the past two days

Shares of state-owned upstream oil companies, Oil India, and Oil and Natural Gas Corporation (ONGC), surged up to 19 per cent on the BSE in Wednesday's intraday trade on the back of heavy volumes, extending their previous day's gain after the government on Monday cut the windfall profit tax on crude oil produced in the country and on exports of diesel.

Individually, Oil India zoomed 19 per cent to hit a new high of Rs 406 on the BSE on the back of over five-fold jump in average trading volumes. As many as 22.85 million equity shares of