ONGC bounces back sharply

about 3 months ago
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ONGC had hit a new 52-week low yesterday at Rs.115.55 and was among the top losers. And today, the tide has turned. The stock figures among the top five gainers and has gone up over 9% to Rs.130.

Post the fire at its Uran facility, the stock exchange had sought some clarity on the situation and the company reverted in the evening after market closure yesterday.

The company said:

The unfortunate accident on 03.09.2019 in Uran Oil and Gas Processing Plant, Mumbai. The accident occurred near Demineralized Water Plant (Oily Water Sewage Pit) and CISF security cabin which was outside the main process area. All out efforts were made to control the situation and fire was brought under control within a short span of time with the internal safety provisions aided by MARG (Mutual Aid Resource Group).

2. Three CISF fire personnel who had come along with fire tenders and our Resident Production Superintendent succumbed to fatal injuries.

3. Gas processing was restricted to maintain supplies to internal power generation and also to meet the requirements of Mahanagar Gas Limited and the remaining gas quantities are diverted to the other processing unit of the Company at Hazira Plant.

4. However, the Offshore Crude supply remains unaffected.

5. The impact of fire in local vicinity is NIL.

Traders have found an opportunity when the stock

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