ONGC falls over 4%, Oil India down 3% after oil prices slides to 2-week low amid Russia-Ukraine talks

Crude fell below $100 a barrel amid hopes for progress toward a diplomatic end to Russia's invasion of Ukraine - a development that would boost global supplies. Brent futures dropped $4.20 or 3.9 percent to $102.70 a barrel by 0125 GMT after falling 5.1 percent the previous day.

According to HDFC Securities, ONGC enjoys a dominant market position in the domestic crude oil and natural gas production business with large proven reserves, globally competitive cost structure, and stable performance of its subsidiary ONGC Videsh Ltd. (OVL). Any value unlocking from subsidiaries and other investments & lower holding company discount on investments can be positive for the stock.

"Investors could buy in the Rs 173-178 band and add more on dips in the Rs. 159-164 (6.75x FY24E EPS plus current value of listed investments after 35 percent haircut), " said to HDFC Securities.

International Energy Agency (IEA) chief Fatih Birol on Monday urged oil-producing countries to pump more to stabilise markets affected by the war in Ukraine.

British Prime Minister Boris Johnson is trying to persuade Saudi Arabia to increase its oil output, a senior minister said on Monday, following reports that Johnson would travel to the OPEC heavyweight this week.