ONGC $1.6bn stake sale faces subsidy hurdle

India’s efforts to sell a $1.6 billion stake in Oil & Natural Gas Corp. has run into concerns that government policies on fuel pricing would weigh on the state-run explorer’s share price, according to people with knowledge of the situation.

Oil & Gas

ONGC posts 11% second-quarter profit drop on slumping crude

Oil & Natural Gas Corp.’s second-quarter profit fell 11 percent as slumping crude prices eroded revenue at India’s biggest energy explorer. Net income fell to 48.4 billion rupees ($736 million) in the three months ended Sept. 30 from 54.4 billion rupees a year earlier, the state-owned company said in a statement Friday. The average of 25 analyst estimates in a Bloomberg survey was 46.6 billion rupees. Sales gained 1 percent to 205.6 billion rupees.