ONGC slips post disappointing Q2 results

Oil and Natural Gas Corporation (ONGC) has slipped 1.5% to Rs 247.9 on the Bombay Stock Exchange (BSE) as its net profit for the second quarter dropped 11.1% to Rs 4842.02 crore year-on-year.

The oil exploration major reported a 1% increase in net sales to Rs 20563.19 crore in Q2 September 2015 over Q2 September 2014. ONGC's crude oil, condensate and natural gas production increased 1.4% to 12.976 million tonne of oil equivalent in the second quarter when compared year-on-year.

One of the main reasons for the decline in the profit is the sharp decline in global crude oil prices over the past year.

The stock hit a low of Rs 245 and a high of Rs 249 in the opening trades. At 10 AM a combined total of 459,971 shares changed hands on the counter of NSE and BSE.

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