Photographer: Andrey Rudakov/Bloomberg
markets

Oil Jump, Stock Slump Leaves India Explorer Over a Barrel

Talk about good, and bad, timing. While elevated oil prices helped Oil and Natural Gas Corp.’s March-quarter profit soar to a four-year high, the surge also eroded the value of the $5.5 billion it paid to buy the government’s holding in Hindustan Petroleum Corp. ONGC paid 473.97 rupees ($7.04) per share for HPCL on Jan. 31 -- close to a record high -- only to see the investment depreciate 34 percent as the administration is said to have asked state refiners to hold fuel prices amid climbing global crude costs.

    Before it's here, it's on the Bloomberg Terminal. LEARN MORE