OMCs, aviation stks drop as crude rises; IndiGo, Jet Airways hit 52-wk lows

Shares of aviation and oil and gas companies came under selling pressure on Tuesday as the crude oil prices hit a four-year high. 

State-run GAIL was trading over 4 per cent lower at Rs 365.65 apiece on BSE, after hitting an intraday low of Rs 364.90. BPCL was down nearly 3 per cent at Rs 357.40.

Shares of Hindustan Petroleum (HPCL) was trading two and a half per cent lower at Rs 242 while those of Indian Oil was down 1 per cent at Rs 153.5. Oil India was trading at Rs 217, down 0.37 per cent.

At the time of writing this report, the S&P BSE Oil & Gas index was down 1 per cent at 14,762.

In the aviation space, all the three stocks - SpiceJet, IndiGo and Jet Airways, hit their respective 52-week lows.  

Oil prices were within reach of four-year highs hit in the previous session, as looming US sanctions against Iran and unwillingness by the Organization of the Petroleum Exporting Countries (OPEC) to raise output supported the market, Reuters reported. 

Brent crude futures were at $81.45 per barrel at 0421 GMT, up 25 cents, or 0.3 per cent, and close to the intraday peak touched the previous day at $81.48, the highest level since November 2014, the report added.