ONGC stock falls 3% on weaker-than-expected earnings

Shares in state-run producer Oil & Natural Gas Corp fell 2.5 percent a day after posting a bigger-than-expected fall in July-September net profit due to higher subsidies.

Lower production is another concern, analysts said. HSBC noted that ONGC posted a fourth sequential quarterly decline in crude oil production.

[caption id=“attachment_520337” align=“alignleft” width=“380”] HSBC maintained its ’neutral’ rating on the stock with a target price at Rs 300. Reuters[/caption]

HSBC maintained its ’neutral’ rating on the stock with a target price at Rs 300.

ONGC shares down 2.3 percent at Rs 259.15 as of 11:43 am.

Reuters