Home / Markets / Stock Markets /  ONGC trades ex-interim dividend; stock cracks 5%

Shares of Oil and Natural Gas Corporation (ONGC) were trading ex-dividend in Monday's trading session, a day ahead of the record date for its declared interim dividend that it had announced with its September quarter earnings for the current fiscal or Q2FY23.

ONGC shares were trading 4:41% lower at 135.50 apiece on the NSE intraday, also one of the top losers among the Nifty 50 stocks on Monday.

At present, the company's market cap is around 1.70 lakh crore, as per the NSE website.

The ONGC board had earlier said that it will pay a whopping 135% dividend to its shareholders for the financial year 2022-23. This translates into 6.75 per share having face value of 5 each.

The country's largest oil and gas producer has fixed Tuesday, 22 November, 2022 as the record date for determining the eligibility of shareholders for payment of interim dividend, according to an exchange filing by the company.

“It is hereby informed that the Board of Directors of the Company at its meeting held has declared interim dividend at the rate Rs. 6.75 per equity share of face value of Rs. 5/- each i.e. @ 135. % for the Financial Year 2022-23. As informed vide letter dated 09.11.2022, for determining eligibility of shareholders for payment of the said Interim Dividend Record date for the said interim dividend is Tuesday, the 22nd November, 2022. The dividend will be paid to the eligible shareholders on or before 13.12.2022," ONGC had informed in an exchange filing. The total payout will be 8,492 crore, majority of it going to the government.

Meanwhile, ONGC witnessed a 30% fall in its net profit for the July-September quarter after the government levied windfall tax to take away gains arising from spurt in international oil and gas prices. 

Thr company's net profit came in at 12,826 crore in July-September 2022-23 as against 18,347.7 crore in the year-ago period.

The firm's revenue was up over 57% to 38,321 crore during the reporting quarter. ONGC's gross billing for crude oil it produced surged 37.7% to $95.49 per barrel in the quarter from $69.36 a barrel in 2021.

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