Photographer: Andrey Rudakov/Bloomberg

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.

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