Oil & Natural Gas Corporation (ONGC) shares rallied on Monday after the board has approved the proposal for redevelopment of its giant offshore field - Mumbai High (North) involving a capital investment of Rs 57.06 billion, including foreign exchange component of Rs 44.22 billion.

The implementation of the project will lead to incremental gain of 6.997 million tonne (MMT) crude oil and 5.253 billion cubic metres (BCM) gas by 2030.

Shares of the company are trading at Rs 417.75, down Rs 6.70, or 1.63% at the Bombay Stock Exchange (BSE) on Monday at 10:12 a.m.

The scrip has touched an intra-day high of Rs 419.65 and low of Rs 415.40. The total volume of shares traded at the BSE is 145,381.