New Delhi Mar 30 PTI The governments sale of 15 per cent stake in ONGC on Wednesday saw institutional buyers putting in bids worth Rs 4854 crore -- three and half times their quota -- but the companys share took a beating on stock exchanges falling 514 per cent and eroding shareholders value The government is selling 943 crore equity shares in Indias top oil and gas producer at a floor price of Rs 159 apiece with an option to retain an equivalent amount of over-subscription The two-day Offer-For-Sale OFS was opened to institutional investors on Wednesday Against 849 crore shares reserved for non-retail investors 1698 crores together with greenshoe option 3035 crore shares or 35744 per cent more were sought according to stock exchange data At the indicative price of Rs 15991 a share bids by the institutional investors are worth Rs 4854 crore Department of Investment and Public Asset Management DIPAM Secretary Tuhin Kanta Pandey tweeted that the OFS of government equity in ONGC has received an enthusiastic response from the non-retail investors The issue was subscribed 357 times the base size The government has decided to exercise the green-shoe option Pandey tweeted The OFS will open for retail investors on Thursday As many 9435 lakh shares 188 crores with greenshoe option are reserved for retail investors The government has priced the OFS at a 7 per cent discount to the Rs 17105 stock closing price of ONGC on BSE on Tuesday And on Wednesday the stock further fell to Rs 16225 The fall in stock price translates into a loss of market capitalisation of over Rs 11000 crore For the government the loss at 6041 per cent shareholding is little less than Rs 7000 crore Through the OFS the government is targeting to raise Rs 3000 crore And going by the stock price it lost more value than it gained Minority shareholders lost over Rs 4000 crore and employees run the risk of losing a part of their performance-related pay PRP as market capitalisation is one of the key parameters of evaluation in 2021-22 industry sources said So far in the current fiscal the government has mopped up Rs 1242367 crore through OFS employee OFS strategic disinvestment and buyback This is against the disinvestment target of Rs 78000 crore for the current fiscal PTI JD ANZ ANZ RUJ RUJ