MUMBAI: Shares of Oil and Natural Gas Corporation (ONGC) surged over 4 per cent after the company bagged 44 oil and gas exploration blocks, while Cairn India extended losses tumbling more than 4 per cent following a sharp fall in crude oil prices.

At 11:00 am, ONGC was trading 3.51 per cent higher at Rs 673.25 after touching a high of Rs 685. Cairn India stock was down by 1.93 per cent at Rs 127.10, after touching a low of Rs 122.05 earlier.

ONGC has bagged the maximum blocks under NELP along with its partners and first timers BHP Billiton-GVK Power, which would reduce its reliance on imported energy. It is expected to attract $1.5 billion investment.

According to a broking company, net realisations of the oil major were declining due to the fall in global crude prices. ONGC surged as an insurance player were taking a bullish view on the stock. The insurance giant has been steadily mopping up ONGC shares in large quantities as it finds the stock attractive at current levels. The stock price has more than halved from its record high of Rs 1,357.

Cairn India witnessed selling pressure on worries that sharply lower global crude oil prices would hamper the company's growth prospects over the medium term. However, as the sector has long-term positive outlook, investors would take advantages of attractive prices.