State-owned ONGC, valued at around ₹3.10 lakh crore, now trails food delivery firm Zomato despite its stakes in subsidiaries and minority investments accounting for over a third of its market capitalisation, indicating India’s largest oil and gas producer is potentially undervalued.

At the close of trading on Friday, Oil and Natural Gas Corporation (ONGC) had a market value of ₹3.097 lakh crore, lower than ₹3.36 lakh crore of Eternal Ltd (formerly known as Zomato), Hindustan Aeronautics Ltd (₹3.23 lakh crore) and Titan Company (₹3.13 lakh crore), according to BSE data.

ONGC was India’s most valuable company with a market capitalisation of ₹2.44 lakh crore in 2012, ahead of IT giant TCS and energy major Reliance Industries.

While ONGC’s market capitalisation rose by just 26% over the pas

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