Gaurav Doshi's view on ONGC

Gaurav Doshi, Morgan Stanley Pvt Wealth Mgmt India feels that there is not too much downside in ONGC from current levels.

Doshi told CNBC-TV18, "In ONGC case I think one thing is there we need to see the pricing but we do not see too much downside from current levels. Do not expect the stock to be a spectacular performer this series. This FPO overhang is legitimate and will keep the stock suppressed but given the buoyancy we have seen in other names like Oil India, Reliance Industries and the pullback we have seen there, we do thing that once this FPO overhang is done given how the sector has rallied, ONGC may have some catching up to do."

He further added, "As it stands right now this FPO is not something that is exciting. Indian investors or retail anybody we are also finding it hard to see traction with overseas investors in this case. I do feel that this FPO will go through but definitely it is going to have an overhang on the stock that is for sure."