ONGC stock skids after fire at Mumbai plant

Supplies of CNG and PNG in and around Mumbai were affected after a major fire broke out at ONGC gas processing facility in Uran on Tuesday morning.

Four people have been killed and three others injured in mishap that broke out at an oil and gas processing plant of Oil and Natural Gas Corporation's (ONGC) in Navi Mumbai township of Maharashtra on Tuesday. The stock slumped nearly 3 per cent intraday on BSE after the reports of the mishap.

ONGC said that there was no impact on oil processing and the gas was diverted to its Hazira plant in Surat district of Gujrat.

Mahanagar Gas Limited (MGL), which supplies industrial, domestic and vehicular gas said that gas supply to its city gate station, Wadala, has been badly affected because of the accident. MGL also said that many CNG stations across the Mumbai may not operate due to low pressure in pipeline.

ONGC is the largest producer of oil and natural gas in India. It is a public sector undertaking (PSU) of the Government of India, under the administrative control of Ministry of Petroleum and Natural Gas.

On Tuesday, the stock of ONGC opened at Rs. 121.20 per share and made an intraday high and low of Rs. 121.20 and Rs. 116.60, respectively on the BSE. The stock closed at Rs.117.50, down by 3.05 per cent.