ONGC shares slip 3% after fire at Surat plant

MUMBAI: Shares of Oil & Natural Gas Corporation Limited (ONGC) slipped as much as 3.3% after a massive fire broke out at the company's plant at Hazira near Surat in Gujarat early Thursday.

However, they recovered some losses later and were at ₹66.70, down 1.4% from the previous close, while the benchmark index, Sensex fell around 2% to 36937.91.

"A fire was observed in the Hazira Gas processing plant in the morning today. Fire has been brought under control. There is no casualty or injury to any person," ONGC said in a tweet.

The oil exploration company later tweeted, "Fire at Hazira Plant has been completely extinguished. Efforts are being made to resume normal operations at the earliest."

The stock is up 28.57% from its 52-week low of ₹51.8 hit on 13 March. The counter is 124% away from hitting its 52-week high of ₹149.65 on 4 November 2019.

ONGC's consolidated net profit slumped 84.7% to ₹1,090.03 crore in the June quarter. Its net sales fell 42.9% to ₹62,496.06 crore in the quarter.

ONGC is India's largest integrated oil and gas company and 60.41% stake is owned by the government.