Shares of Oil and Natural Gas Corporation (ONGC) fell over 2% in early trade on Monday following a steep decline in global crude oil prices. Brent crude dropped nearly 6% after Iran launched missile strikes on a U.S. military base in Qatar, responding to weekend U.S. airstrikes on Iranian nuclear facilities.
While the geopolitical tensions rattled markets, the attack did not impact major oil infrastructure or disrupt shipping routes, which helped temper fears of a supply shock. As a result, oil prices dropped sharply instead of spiking.
This unexpected drop in crude prices weighed on upstream oil companies like ONGC, which rely on higher oil prices for stronger margins. The fall in oil also impacted other exploration-focused energy stocks.
ONGC shares opened at ₹247.50 today and touched a high of ₹248.00 during the session. The stock also dipped to a low of ₹245.00. Over the past 52 weeks, ONGC has seen a high of ₹345.00 and a low of ₹205.00.
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