Shares of Oil and Natural Gas Corporation (ONGC) were trading firmly in the red on Monday after the state-owned oil explorer posted weak fourth-quarter results over the weekend.

What Happened? ONGC posted a 52.7% year-on-year drop in consolidated net profit to ₹5,701.46 crore, while its revenue from operations rose 5.2% to Rs 1.64 lakh crore in the March quarter.

The erosion of the company’s bottom line was mainly a result of a one-off provision of around ₹12,000 crore towards disputed service tax and goods and services tax (GST) on royalties.

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ONGC reported a standalone loss of ₹247 crore in Q4, compared with a profit of ₹8,829.54 crore last year. Its operating margin also fell sharply by 354 basis points to 14.57% versus 18.11% a year earlier.

However, the company did declare a final dividend of ₹11.25.

Price Action: Shares of India’s largest oil producer were down 2.90% at ₹159.00 around noon on Monday.

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