ONGC stock plunges to 7-month low on Axis Capital 'sell' call

• ONGC shares fell 3% to a seven-month low on December 15, becoming the top Nifty loser.
• Axis Capital initiated coverage on ONGC with a "sell" rating and a price target of Rs 205.
• The "sell" rating is due to ONGC's declining oil production from ageing fields and a muted oil price outlook.
• This is ONGC's first "sell" rating since May, with Axis Capital's target being the lowest after HSBC's Rs 200.
• Despite the stock fall, ONGC reported a 22% rise in Q2 net profit to Rs 9,848 crore and a 3.2% sequential revenue increase.

Why It Matters: This signals potential financial risk for ONGC investors.