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ONGC shares fall as earnings miss estimates

Source : REUTERS
Last Updated: Fri, Nov 09, 2012 06:50 hrs
A technician opens a pressure gas valve inside ONGC group gathering station on the outskirts of Ahmedabad

Shares in state-run producer Oil & Natural Gas Corp fall as much as 2.5 percent a day after posting a bigger-than-expected fall in July-September net profit due to higher subsidies.

Lower production is another concern, analysts say: HSBC estimates ONGC posted a fourth sequential quarterly decline in crude oil production.

HSBC maintains its 'neutral' rating on the stock with a target price at 300 rupees.

ONGC shares down 2.3 percent at 259.15 rupees as of 11:43 a.m.


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