Oil & Natural Gas Corporation (ONGC), the national oil company of India, witnessed a fall in share price on Friday after it disclosed a sharp drop in standalone net profit for the quarter ended March 2015. During the quarter, the profit of the company declined 19.51% to Rs 39,350.70 million from Rs 48,890 million in the same quarter last year.
Profit for the quarter was lower due to higher statutory levies, exploration cost write off and other expenses.
Revenues for the quarter rose marginally 1.57% to Rs 216,474.90 million, compared with Rs 213,131 million for the prior year period.
Shares of the company are trading at Rs 323.50, down Rs 4.6, or 1.40% at the Bombay Stock Exchange (BSE) on Friday at 9:45 a.m.
Total volume of shares traded on the bourses today was lower by 53.18% to 1,581,332 compared with 22-day average volume of 3,377,261.