ONGC shares decline a day after scaling 52-week high; here's what Citi, CLSA say about it

ONGC Share Price: A day after ONGC shares hit a 52-week high of Rs 199.70 on BSE in muhurt trading on Diwali on Sunday (November 12), they are trading down 1.27 per cent, or Rs 2.50, at Rs 194.30, in morning deals on Monday (September 13, 2023). 

ONGC announced its second-quarter results on Sunday, reporting below-Zee Business research estimates.   

CLSA, Citi raise target

After the company reported its September-quarter results, brokerages such as CLSA and Citi have raised their share target price for the government PSU.

Price targets raised after results

Citi has maintained a 'buy' rating on ONGC, raising its target price to Rs 240 from Rs 225.

CLSA has also maintained its 'buy' rating on the company, raising its target to Rs 230 from Rs 195.