​Shares of Oil & Natural Gas Corp fell for the 4th day. Know why

Shares of Oil & Natural Gas Corp, India's top explorer, fell for the 4th day as its stellar earnings still fell below the street's expectations.

ONGC said its first quarter net profit rose 14.2 percent to 5,460 crore rupees versus 4,782 crore rupees in the same period a year ago. Sales during April-June rose 4.5 percent to 22,825 crore rupees compared with 21,851 crores.

ONGC's EBIDTA margins rose to 46.4 percent from 40.6 percent in the same two periods.

ONGC fell 2 rupees, or 0.7 percent, to 270.30 rupees on the National Stock Exchange where 41 lakh shares were traded.

The company's market capitalisation has fallen 34 percent to 2.31 lakh crore rupees as a slump in crude oil prices reflected on the company's workings.

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