Royalty burden weighs on ONGC
The stock finally ended down 2.5% at Rs 813. The counter witnessed heavy trading volumes of 1.16 million as against the two-week daily traded average of 361,623.
ONGC has shed 3% on royalty payment burden the company may face for offloading stake in Rajasthan block.The stock opened at Rs 840. Around noon, it slipped to a low of Rs 802, down 4.5% from the day’s open. It is now trading at Rs 807, down 3%. The counter has clocked a volume of 953,917 so far on the BSE.
The company had earlier asked the government to relinquish its stake in the Rajasthan block as the royalty burden and development cost would make this investment an univiable one. Cairn India has been reported to be open to buying 30% stake in the above mentioned block.
source: Business-Standard
Tags: bse share, indian stock, nse share, ONGC, stock market
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