Shares of ONGC today settled over 5 per cent higher on the BSE after

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the government deferred proposed Rs 12,000 crore share sale in the oil and gas explorer by at least two weeks due to unfavourable market conditions.

The scrip, which opened on a robust note, ended at Rs 274.70, up 5.61 per cent on the BSE.

During the day, the stock surged 7.65 per cent to touch a high of Rs 280. The scrip was the biggest contributor in helping the BSE benchmark Sensex close with a gain of 57.29 points at 16,933.83.

At the National Stock Exchange, the stock closed with a gain of 5.58 per cent at Rs 275.15.

The follow-on public offer (FPO) was to open on September 20, but has been put off, Oil and Natural Gas Corp (ONGC) said in a statement to the stock exchanges.

"The selling shareholder (government) has decided not to proceed with the aforementioned offer programme and shall evaluate its decision in relation to the offer in due course," it added.