Shares of Oil and Natural Gas Corporation (ONGC), which were already on a declining trajectory having fallen 44 per cent since May highs, fell to a 15-year low on Tuesday.
Concerns over decline in crude demand led by the spread of coronavirus and in turn fall in oil prices have further weakened Street sentiment, which had remained soft post the domestic oil and gas producing major’s muted December quarter (Q3) performance. The December quarter had seen ONGC’s standalone revenues decline 14 per cent and net profit almost halve, on a year-on-year basis, due to weak crude and ...
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First Published: Tue, February 18 2020. 19:45 IST
