Shares of four oil exploration and production firms fell by 0.26% to 4.06% at 14:55 IST on BSE after the crude oil prices dropped sharply in the previous trading session.
ONGC (down 4.06%), Cairn India (down 1.49%), Oil India (down 0.26%) and Reliance Industries (down 0.52%) edged lower.
Meanwhile, the S&P BSE Sensex was down 151.73 points or 0.56% at 26,752.38
In global commodities markets, Brent for November settlement was currently up 39 cents at $50.25 a barrel. The contract had slumped $2.79 a barrel or 5.29% to settle at $49.86 a barrel during the previous trading session after a report showed that members of the Organization of the Petroleum Exporting Countries continued to boost production. The Brent November contract is to expire on 15 October 2015. Brent for December settlement was currently up 41 cents at $50.66 a barrel.
Lower crude oil prices would result in lower realizations from crude sales for oil exploration firms.
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