MARKET EYE-India's ONGC falls on weaker-than-expected earnings

Fri Nov 9, 2012 11:44am IST

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* Shares in state-run producer Oil & Natural Gas Corp 
fall as much as 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 say: HSBC
estimates ONGC posted a fourth sequential quarterly decline in
crude oil production. 
* HSBC maintains its 'neutral' rating on the stock with a target
price at 300 rupees. 
* ONGC shares down 2.3 percent at 259.15 rupees as of 0613 GMT. 

 (manoj.dharra@thomsonreuters.com/abhishek.vishnoi@thomsonreuter
.com)
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