ONGC lags Oil India as mid-cap rally drives stock divergence: Kotak
Oil and Natural Gas is in focus.
23 Sept 2026 · Business Standard Mkts
The brokerage attributed OINL's stronger stock performance in part to the broader preference for mid-cap stocks over large-caps.
The analysis
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.
- The immediate tone of coverage reads positive.
In this story
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