ONGC stock came under severe pressure on the rumors of increased subsidy burden that the company might have to share because of large underrecoveries of oil refining companies.
Upstream oil companies like ONGC, OIL India might have to share 38.5% of the total subsidy burden of approx Rs. 78,000 crores for FY-11.
ONGC is down more than 5% today and is majorly responsible for the weak markets today. If government finalizes this decision then the FPO of ONGC will also be affected.
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