Shares of Oil and Natural Gas Corporation (ONGC) fell more than 2% following a sharp decline in global crude oil benchmarks. Brent crude dropped nearly 4% to $63.21 per barrel, marking a four-year low, while West Texas Intermediate (WTI) fell to $59.79 per barrel.
The fall in crude prices comes after a steep 11% weekly drop, triggered by Saudi Aramco’s decision to cut prices for its key Asian buyers. The state-run oil giant reduced Arab Light crude prices by $2.30 a barrel for May deliveries. This pricing move follows OPEC+’s recent announcement of a larger-than-expected production increase, adding further pressure to global supply.
ONGC shares opened at ₹222.00, hitting a high of ₹223.50 and a low of ₹220.29 during the trading session. Despite current fluctuations, the stock remains above its 52-week low of ₹205.00, though significantly below its 52-week high of ₹345.00.
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