Along with crude prices, ONGC?s share has fallen ~60% in the past 1.5 year. Strong Shale oil supplies, rise in output in Iran and focus on market share by OPEC/Russia will restrict sharp recovery. However, at current valuations risk-reward is favourable. Maintain BUY with a TP of Rs 210/sh (10x FY18E standalone OVL EPS & Rs 22/sh from investments).