Shares of Oil and Natural Gas Corporation (ONGC) plunged 7.24% to ₹209.65 on Monday, April 7, in early trade as oil prices fell sharply due to Saudi price cuts and growing global recession fears triggered by escalating trade tensions. The stock opened at ₹210.45 and touched an intraday low of ₹205.00, before recovering slightly. ONGC had closed at ₹226.01 in the previous session.
This decline has erased nearly ₹21,378 crore in market capitalization, with ONGC’s total valuation now standing at ₹2.67 lakh crore, down from ₹2.88 lakh crore on Friday.
The fall comes as Brent crude dipped nearly 4% to $63.21 per barrel — a four-year low — while West Texas Intermediate dropped below $60. Saudi Arabia cut prices of its flagship Arab Light crude to Asia by $2.3 per barrel, signaling concerns about demand. Meanwhile, the unexpected OPEC+ output hike and retaliatory tariffs by China against U.S. imports have only worsened sentiment.
Lower crude prices negatively impact upstream companies like ONGC by compressing profit margins and increasing the risk of inventory losses. The stock is now down over 10.6% year-to-date.
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