This Maharatna Stock Turns Ex-Dividend Today; Falls By Up To 3%

Shares of the Maharatna CPSE entity ONGC in trade on Thursday (August 18, 2022) fall by up over 3% to day's low of Rs. 135.4 per share on the NSE. The scrip last closed at Rs. 139.65.

The fall in the company's share price is given the fact that the stock today has turned ex-dividend for its Rs. 3.25 per share final dividend for Fy22. The record date for the same is August 20, 2022. Usually when the stock turns ex-dividend, there is a fall in the stock price to the extent of the dividend paid. The reason for this price drop is because the amount paid out as dividend no longer belongs to the company.

Meanwhile, ONGC signed a Heads of Agreement (HoA) with ExxonMobil for deep-water exploration in Krishna Godavari and Cauvery Basins in the eastern offshore and the Kutch-Mumbai region in the western offshore.

As per ICICI Direct, "the companies have exchanged exploration data over last few years that led to the partnership. With potential for
deepwater exploration on the East coast, the management said that through the discovery route, ONGC is planning to move to development where partnership with ExxonMobil would be beneficial for efficient fast-track monetisation".