ONGC Share Price, Oil India Fall Up to 2% as Brent Crude Drops Below $90 on Middle East Peace Hopes — What It Means for E&P Earnings
- June 12, 2026
- Posted by: Ankit Jaiswal
- Category: News
ONGC share price: Rs 249.35 (-1.29%) | Open Rs 250.30, H Rs 250.85, L Rs 247.20 | Prev close Rs 252.60 | 52W H Rs 301.75 | Oil India: Rs 421.70 (-1.78%) | Open Rs 426.85, H Rs 426.95, L Rs 419.45 | Prev close Rs 429.35 | 52W H Rs 531, L Rs 384.60 | Trigger: Brent crude settled $90.38 (-2.97%), extended $89.15 (-4.2%) on Trump Iran deal signal.
Shares of upstream oil Exploration and Production (E&P) companies slipped on Friday, June 12, 2026, as Brent crude fell below $90 per barrel, creating the one category of stocks that loses when the rest of the market celebrates lower oil. ONGC share price is at Rs 249.35, down 1.29% from its previous close of Rs 252.60, having opened at Rs 250.30 and touched an intraday low of Rs 247.20. Oil India is at Rs 421.70, down 1.78% from Rs 429.35, with an intraday low of Rs 419.45. The fall in both stocks is the direct market response to US President Trump’s June 11 Oval Office statement that the United States had “made a great settlement of the war with Iran” that is subject to document finalization , a deal that could be signed this weekend. Brent crude settled at $90.38 (down 2.97%) on June 11 before falling further to $89.15 (down 4.2%) in extended trading. For E&P companies, every dollar decline in Brent crude is a direct blow to their revenue per barrel, and ONGC share price is moving exactly as the market would predict.
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ONGC Share Price and Oil India: Live Data June 12
| Stock | NSE | LTP | Open | High | Low | Prev Close | Change % | 52W High | 52W Low |
|---|---|---|---|---|---|---|---|---|---|
| ONGC | ONGC | Rs 249.35 | Rs 250.30 | Rs 250.85 | Rs 247.20 | Rs 252.60 | -1.29% | Rs 301.75 | ~Rs 215 |
| Oil India | OIL | Rs 421.70 | Rs 426.85 | Rs 426.95 | Rs 419.45 | Rs 429.35 | -1.78% | Rs 531 | Rs 384.60 |
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Why ONGC Share Price Falls When Crude Oil Falls
| Metric | ONGC | Oil India |
|---|---|---|
| Business type | Upstream E&P , explores and produces crude oil and gas | Upstream E&P , produces crude, gas, LPG |
| India market share | ~70% of domestic crude production | ~10% of domestic crude production |
| Revenue driver | Crude oil realisation per barrel x production volume | Same: realisation x production |
| Impact of $1/bbl fall in Brent | ~Rs 250-280 crore per quarter revenue reduction | ~Rs 30-40 crore per quarter |
| Q4 FY26 net profit | Rs 10,819.65 crore (+45.60% YoY) | Rs 2,099.61 crore (+60.26% YoY) |
| Q4 FY26 revenue | Rs 1,73,805 crore (+3.61%) | Rs 5,960.59 crore (+8% YoY) |
| Q4 FY26 crude realisation (OIL) | Elevated Brent aided Q4 numbers | $77.89/bbl (+5% from Q4 FY25: $74.46) |
| Today’s move | Rs 249.35 (-1.29%) | Rs 421.70 (-1.78%) |
| Windfall tax effect | Removed at lower crude levels , partial offset to realisation fall | Same mechanism |
ONGC and Oil India: Impact of Sub-$90 Brent on Earnings
The fall in Brent crude to below $90 per barrel today is a significant earnings headwind for both ONGC and Oil India relative to the Q4 FY26 results that impressed the market. ONGC delivered Q4 FY26 net profit of Rs 10,819.65 crore (+45.60% YoY) and revenue of Rs 1,73,805 crore (+3.61%), partly supported by crude realisations above $90 per barrel for much of the quarter. Oil India posted Q4 FY26 net profit of Rs 2,099.61 crore (+60.26% YoY) with crude oil realisation rising to $77.89 per barrel from $74.46 in Q4 FY25. At sub-$90 Brent, both companies face $10-20 per barrel lower realisation going forward versus recent quarters. The partial relief comes from India’s windfall profit tax, which is typically imposed when crude exceeds certain thresholds and removed when prices normalise, partially offsetting the realisation impact at lower crude levels. Additionally, both companies are growing production volumes (Oil India crude output up 6% YoY in Q4), which partially compensates for lower per-barrel realisations.
Technical Levels for ONGC Share Price Today
ONGC share price at Rs 249.35 is trading between its intraday low of Rs 247.20 and high of Rs 250.85. The stock opened at Rs 250.30 , below yesterday’s close of Rs 252.60 , indicating negative sentiment from the opening bell. Key support for ONGC share price lies at Rs 245-247 (the intraday low zone and recent demand area). Resistance is at Rs 252-253 (previous close / gap fill level). The 52-week high of Rs 301.75 and 52-week low around Rs 215 define the broader range. Oil India at Rs 421.70 has intraday support at Rs 419.45 (today’s low) and resistance at Rs 429-430 (previous close area). Both stocks are likely to remain under pressure if Brent crude continues to slide below $89 on Iran deal confirmation.
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Conclusion
ONGC share price at Rs 249.35 (-1.29%) and Oil India at Rs 421.70 (-1.78%) today reflect the direct earnings impact of Brent crude falling below $90 per barrel. As upstream E&P companies, both ONGC and Oil India earn less per barrel they produce when international crude prices decline. Track live ONGC share price, Oil India, and all energy sector stocks on Univest.
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Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Frequently Asked Questions
Why is ONGC share price falling today when markets are broadly up?
Ans. ONGC share price is falling today even as the broader Nifty 50 gains 1.22% because ONGC and Oil India are upstream Exploration and Production (E&P) companies whose revenue is directly linked to Brent crude oil prices. When crude falls, E&P companies earn less per barrel they produce, directly reducing revenue and profitability. Today, Brent crude has fallen to below $90 per barrel after US President Trump signalled a US-Iran deal that could be signed this weekend. ONGC is quoting at Rs 249.35, down 1.29% from its previous close of Rs 252.60, while Oil India is at Rs 421.70, down 1.78% from Rs 429.35. Both stocks are moving exactly as the market would expect: inverse to crude oil prices.
What happens to ONGC and Oil India earnings when Brent drops below $90?
Ans. When Brent crude drops below $90 per barrel on a sustained basis, ONGC and Oil India face significant earnings pressure relative to their recent strong results. ONGC delivered a Q4 FY26 net profit of Rs 10,819.65 crore (+45.60% YoY) and Oil India posted Rs 2,099.61 crore (+60.26% YoY), partly driven by elevated crude realisations. At $89-90 Brent versus the $100-110 average during parts of Q4 FY26, ONGC’s per-barrel net realisation is estimated to be $10-20 lower going forward. Across its approximately 22-23 million tonnes of annual crude production, this translates into a multi-thousand crore reduction in annual revenue. Oil India, which reported Q4 crude realisation of $77.89 per barrel, similarly faces headwinds.
Should investors buy ONGC and Oil India after today’s fall?
Ans. The fall in ONGC and Oil India today raises a valid value-buying question. Both stocks now trade at historically low valuation multiples relative to their asset base and production capacity. ONGC at Rs 249.35 is well below its 52-week high of Rs 301.75 and trades at approximately 6-8x FY26 earnings. Oil India at Rs 421.70 is also significantly below its 52-week high of Rs 531. The bull case: both companies benefit from removal of windfall tax at lower crude, have growing domestic production, and could re-rate once the crude outlook stabilises. The bear case: if the Iran deal fully reopens Hormuz and Brent settles at $70-80, earnings compression over FY27 could be material. This is for educational purposes only and not investment advice.
What is the difference between ONGC, Oil India and HPCL during crude oil falls?
Ans. ONGC and Oil India are upstream Exploration and Production (E&P) companies that produce crude oil and earn by selling it at international prices. When crude falls, their per-barrel revenue drops and profits decline. This is why ONGC is at Rs 249.35 (-1.29%) and Oil India is at Rs 421.70 (-1.78%) today. HPCL, BPCL, and IOC are downstream Oil Marketing Companies (OMCs) that buy crude and refine it into petrol, diesel, and other products. When crude falls, OMCs’ input costs drop, improving their marketing margins. This is why HPCL is up 3.58% to Rs 378.80 and BPCL is up 3.83% to Rs 297.30 today. The crude oil price therefore creates a direct bifurcation between upstream losers and downstream winners on the same day.
