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ONGC, SBI biggest losers in market cap last week

This article was posted on May 23, 2011 and is filed under Market News

Hit by huge losses in the market capitalisation (m-cap) of state-owned ONGC and SBI, the combined market worth of eight of the country’s top-10 firms diminished by Rs 78,553.96 crore during last week.

Oil and Natural Gas Corporation (ONGC) suffered a loss of Rs 26,222.55 crore from its market cap which stood at Rs 2,34,462.93 crore as on Friday’s trade on the BSE.

Last week, the government increased the burden of fuel subsidy payable by upstream oil firms, including ONGC, from one-third to 38.8% for 2010-11 fiscal.

ONGC, Oil India and GAIL have been ordered to contribute Rs 30,296.75 crore (38.8%). ONGC has been asked to chip in with Rs 24,892.43 crore. For more visit: www.business-standard.com

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