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Shares of Oil and Natural Gas Corp (ONGC) today fell as much as 4.5 per cent on disappointing January-March quarter earnings.
But the new interim rules on ONGC, and upstream companies’ discounts on crude sales in the June quarter were likely to improve the earnings.
Thomson Reuters StarMine expects ONGC to post a net profit of Rs 27,290 crore ($4.28 billion) for 2015-16, based on mean consensus forecasts, up from Rs 17,670 crore in the year ended in March.
ONGC shares were down 1.28 per cent at 11.32 am local time vs 1.1 per cent gain in NSE index ($1 = 63.7750 Indian rupees).
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