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ONGC profit falls 5%, subsidy costs weigh Oil & Natural Gas Corp (ONGC) posted a five per cent drop in third quarter net profit, as a sharp rise in provisions for subsidy payments offset higher selling prices for oil and gas.
ONGC reported a net profit of Rs 6,741 crore for the quarter ended December 31, down from Rs 7,083 crore a year earlier. Its shares ended down 1.5 per cent at Rs 282, while the overall market rose 0.5 per cent.
"In Q2,
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