ONGC Mahanadi Find Will Trim India's Gas Imports Significantly, At 50% Now
Oil and Natural Gas moved lower.
22 Sept 2026 · NDTV Profit
In an exclusive interview with NDTV Profit, ONGC Director (Exploration) OP Sinha said the company's first Samudra Manthan gas strike in the Mahanadi basin will significantly cut India's import dependence, currently at 50% of demand.
The analysis
Oil and Natural Gas reported movement of 50%. Those are the figures as filed — what moves the price is how they sit against what the market already expected, not their absolute size.
Against that, the stock is -1.0% on the day at ₹221.99, and has returned -9.2% over three months. It sits 26% below its 52-week high, which means a good deal of bad news was already in the price. The oil & energy sector has moved +1.0% over the same period, so Oil and Natural Gas is running 10.2 points behind its peers.
For Oil and Natural Gas, the question is how much of this is already reflected in the price and how much re-rates the oil & energy peer set alongside it.
Market context
- The company directly in focus is ONGC.
- Sector exposure: Oil & Energy.
In this story
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