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Oil and Natural Gas Corporation (ONGC) shares fell greater than Three per cent after a hearth broke out at its Hazira fuel processing plant in Gujarat on Thursday morning, which was later introduced below management. The shares of ONGC fell as a lot as 3.2 per cent to the touch an intra-day low of Rs 65.45 on the BSE in early buying and selling. However, they recouped some losses thereafter, and at 12:35 pm, have been buying and selling at Rs 66.55, down 1.63 per cent on the BSE, as in opposition to a per cent decline on the benchmark indices.
ONGC has shut the plant, which will get fuel from its western offshore fields to supply liquefied petroleum fuel and different merchandise like naphtha.
ONGC has stated there have been no casualties or accidents, the hearth has been extinguished and it’s making efforts to renew regular operations on the plant.”A fire was observed in the Hazira Gas processing plant in the morning today. Fire has been brought under control. There is no casualty or injury to any person,” the corporate stated in a tweet.
ONGC is the biggest built-in oil and fuel firm in India and is owned by the federal government.
The BSE Sensex was buying and selling at 36,875.45, weaker by 791.45 factors or 2.09 per cent and the NSE Nifty was at 10900.85, down 230.65 factors or 2.07 per cent on the time.
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