November 9, 2012 / 6:32 AM / 5 years ago

ONGC shares fall as earnings miss estimates

Reuters Market Eye - Shares in state-run producer Oil & Natural Gas Corp(ONGC.NS) 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.

A technician opens a pressure gas valve inside the Oil and Natural Gas Corp (ONGC) group gathering station on the outskirts of the western Indian city of Ahmedabad March 2, 2012. REUTERS/Amit Dave/Files

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 11:43 a.m..

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