According to reports, ONGC will pay Rs 248.92bn towards oil subsidy for FY 2010-11 while Oil India has been told to contribute Rs 32.93bn and Gail Rs 21.11bn.
Shares of ONGC, Gail India and Oil India slid in early afternoon trade on Friday after reports that the Union Petroleum Ministry had increased the contribution of the state-run upstream companies' towards oil subsidies.
The overall oil subsidy payout for the public sector upstream companies stands at 38.7% versus 33% earlier. According to reports, ONGC will pay Rs. 248.92bn towards oil subsidy for FY 2010-11 while Oil India has been told to contribute Rs.32.93bn and Gail Rs 21.11bn.
Meanwhile, shares of Indian Oil Corp. (IOC), BPCL and HPCL were holding steady. The overall oil subsidy for the year ended March 2011 stands at Rs 780bn.
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