BY ERIC YEP

MUMBAI — State-run Oil Natural Gas Corp. has appointed six investment bank for its share sale in March as India’s federal government proceeds with divesting a 5% stake in the country’s largest oil explorer by volume.

The six bankers short-listed are JM Financial Services Pvt., Morgan Stanley, HSBC, Nomura, Citigroup and Bank of America Merrill Lynch, ONGC Chairman R.S. Sharma said Monday.

“The list of bankers is subject to confirmation and certain validation checks,” Mr. Sharma told reporters.

The share sale is through a public offering and the Indian government owns a 74.14% stake in ONGC.

The company is …