VERIFIEDEconomic Times News·12 May 2026positive

ONGC shares rally 6% after govt cuts crude oil royalty; CLSA explains why it’s a big boost

AI Summary

·ONGC shares rallied 6% following a government decision to reduce crude oil and natural gas royalty rates.
·CLSA estimates this reduction could increase ONGC's fair value by 7-9% and Oil India's by 9-11%.
·Oil India shares also saw a gain of 7.5% in response to the news.