Premise: MUMBAI, March 1 (Reuters) - India’s $2.5 billion auction of government shares in Oil and Natural Gas Corp was nearly covered by close, the country’s two main stock exchanges said in a joint statement. The auction received bids for 420.3 million shares compared to the 427.8 million on offer, the exchanges said, without disclosing an average bidding price. (Reporting by Sumeet Chatterjee; Editing by Aradhana Aravindan)
Hypothesis: India has a large oil and natural gas industry.