Oil and Gas shares dip; ONGC hits 11-month low
ONGC, Cairn India, Oil India and Reliance Industries were down 1-4% on BSE.
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Shares of oil and gas companies are under pressure with the Oil and Natural Gas Corporation (ONGC) hitting 11-month low on the BSE today.
ONGC has dipped 3.5% to Rs 313, its lowest level since March 2014, on BSE. Cairn India too slipped 3.3% at Rs 241, while Oil India down 2% at Rs 478 and Reliance Industries by 1.5% at Rs 838.
At 1308 hours, S&P BSE Oil and Gas index, the largest loser among sectoral indices, was down 1.6% or 150 points compared with 0.08% decline in the benchmark S&P BSE Sensex.
According to Reuters report, on Monday, oil prices slipped on worries about oversupply in North America, with Brent futures dropping below $60 a barrel and US contracts hovering around $50.30.
Lower crude oil prices will result in lower realizations from crude sales for oil producers.
ONGC has dipped 3.5% to Rs 313, its lowest level since March 2014, on BSE. Cairn India too slipped 3.3% at Rs 241, while Oil India down 2% at Rs 478 and Reliance Industries by 1.5% at Rs 838.
At 1308 hours, S&P BSE Oil and Gas index, the largest loser among sectoral indices, was down 1.6% or 150 points compared with 0.08% decline in the benchmark S&P BSE Sensex.
According to Reuters report, on Monday, oil prices slipped on worries about oversupply in North America, with Brent futures dropping below $60 a barrel and US contracts hovering around $50.30.
Lower crude oil prices will result in lower realizations from crude sales for oil producers.
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First Published: Feb 24 2015 | 1:14 PM IST