The blaze erupted around 7 am in the gas processing plant of the ONGC.

Oil & Natural Gas Corporation or ONGC shares fell over 3 per cent on Tuesday after a fire broke out at its oil and gas processing plant near Navi Mumbai. The blaze erupted around 7 am in the gas processing plant of the ONGC located in Uran area of neighbouring Navi Mumbai, killing two people, an official was quoted as saying by news agency Press Trust of India (PTI). "The fire is being contained. No impact on oil processing. Gas diverted to Hazira Plant. Situation is being assessed," the oil explorer said in a tweet.

A fire broke out in storm water drainage early morning 2day in Uran oil & gas processing plant.ONGC fire services & crisis managemnt team immediately pressed in2 action. Fire is being contained. No impact on Oil processing.Gas diverted to Hazira Plant. Situation is being assessed — ONGC (@ONGC_) September 3, 2019

Several fire brigade teams were rushed to the spot, an official said, adding that rescue operation was underway.

On the Bombay Stock Exchange (BSE), ONGC shares fell as much as 3.05 per cent to an intraday low of Rs 117.50 apiece. On the National Stock Exchange (NSE), ONGC shares opened lower at Rs 120.50 apiece and dropped to as much as Rs 117.40 apiece, marking a decrease of 3.13 per cent.

At 10:02 am, ONGC shares traded 2.19 per cent lower at Rs 118.55 apiece on the BSE, underperforming the benchmark Sensex index which was down 0.83 per cent.