RS Sharma, former chairman of ONGC tells CNBC-TV18 that sentiment seems to have got adversely affected since the ONGC auction did not get fully subscribed.
Being abroad, he could not give a clear picture of whether there indeed is going to be offline transactions post the close of the auction, but the media is flourish with such news.
Sharma reitrates that the price should have been Rs 280 and not Rs 290. "Whoever has taken the decision to keep the base price at Rs 290, I feel that is not correct. It should have been lower than Rs 283; Rs 280 would have been perfectly alright," he says.
The ex-chief feels that ONGC stock price may fall further tomorrow from Rs 288 that it closed at today. Below is the edited transcript of the interview. Also watch the accompanying video.
Q: We were having this exact conversation just 24 hours ago and you were very clear in your assessment that the government should have actually looked at a discount to the current market price and Rs 290 perhaps would have been a tall task for the government to pull off and that
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