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This is way below the total offer of 42 crore shares which were on offer with a floor price of Rs 290 per share and a face value of Rs 5 per share.
The shares of ONGC closed lower at Rs 288.20, down 1.71% on the National Stock exchange (NSE). The disappointing response to the ONGC auction may prompt the government to reconsider its decision to sell a stake in other companies during the current financial year.
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