MUMBAI, Feb 12: Oil and Natural Gas Corp (ONGC) today fell by nearly 6 per cent after the company reported its lowest quarterly profit in more than 15 years.
ONGC’s scrip went down by 5.67 per cent to hit its one- year low of Rs 191.30 on BSE.
At NSE, shares of the company declined by 5.9 per cent to Rs 191.15 — its 52-week low.
ONGC yesterday reported its lowest quarterly profit in more than 15 years as it took one-time impairment charge on reserves due to slump in oil prices.
Net profit of Rs 1,286 crore in October-December was 64 per cent lower than Rs 3,571 crore in the same period a year ago, ONGC Chairman and Managing Director Dinesh K Sarraf had said.
With oil prices slumping to 12-year low, it wrote down the value of reserves it holds by Rs 3,994 crore. The write- down is called impairment. (PTI)
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