India to Auction 5% ONGC Stake in ‘Next Couple of Days,’ Oil Minister Says

India plans to auction a stake in Oil & Natural Gas Corp. (ONGC) in the “next couple of days” after failing to meet a revenue target from public offerings of shares in state-owned companies this year.

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A 25 percent slump in the benchmark Sensitive Index (SENSEX) in 2011 undermined efforts to sell shares of state-owned companies, with the government meeting 3 percent of its 400 billion rupee ($8.1 billion) target for the year ending March 31. The budget shortfall may widen beyond Finance Minister Pranab Mukherjee’s goal of 4.6 percent as slowing economic growth reduces revenue receipts.

ExMergere: the indian budget deficit is up to 5.6%.