Oil stocks Thursday fell up to 3 per cent amid expectation of production cuts by Russia and OPEC.
Shares of Indian Oil Corporation (IOC) tumbled 2.94 per cent, ONGC declined 2.47 per cent and Reliance Industries fell 2.72 per cent.
Among others, Bharat Petroleum Corporation dipped 1.22 per cent and Hindustan Petroleum Corporation dropped 0.71 per cent.
OPEC members began a two-day meeting Thursday to decide about the production policy.
According to market analysts, shares of oil companies declined on expectation of production cuts by Russia and OPEC besides weakening of the rupee.
"Investors are closely watching the meeting between the Organisation of the Petroleum Exporting Countries (OPEC) and other top oil-producing countries," said BNP Paribas Mutual Fund's Senior Fund Manager-Equities, Abhijeet Dey.
As per reports, OPEC is looking for a sufficient reduction in oil production to help recover tumbling crude prices.
Led by losses in these stocks, the BSE Oil and Gas Index dropped by 1.70 per cent.
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