Massive sell-off by investors sent Oil and Natural Gas Corp down by over 5 per cent at the Bombay Stock Exchange amid a bearish market sentiment.
ONGC dropped by 5.58 per cent to close at Rs 281.80 on the BSE. In the intra-day trade,the state-run firm shed 6.63 per cent to Rs 278.65 a piece.
On National Stock Exchange,ONGC slipped by 5.83 per cent to close at Rs 282.50.
In terms of volume,over 55 lakh shares of the company were traded on the two bourses.
8220;The overall market sentiment is weak,investors confidence has gone for a toss. Fall in ONGC and other oil and gas stocks is due to profit taking,8221; Religare Securities Executive Vice-President Retail Research Rajesh Jain said.