Shares of Oil and Natural Gas Corporation (ONGC) fell sharply by 3.93% to ₹233.74 on Thursday, after OPEC+ announced a larger-than-expected increase in oil production starting May 2025. The stock had previously closed at ₹243.31 and touched a day’s low of ₹234.02 in early trade. The market capitalization stood at ₹2.95 trillion.
The drop in ONGC’s stock price follows a more than 6% plunge in Brent crude prices, which fell below $70 per barrel. The decline was triggered after eight OPEC+ members, including Russia and Saudi Arabia, announced a 411,000 barrels-per-day output hike next month, ahead of schedule. This adds to an already fragile energy market reeling from recent U.S. tariff shocks.
Investors fear this production hike could weigh heavily on global crude prices, directly impacting revenue prospects for upstream oil companies like ONGC. Energy stocks, which are highly sensitive to crude price movements, bore the brunt of this unexpected OPEC+ decision.
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