Oil & gas shares under pressure; HPCL, IOC hit 52-week lows, GAIL falls 6%

The S&P BSE Oil & Gas index, the largest loser among sectoral indices, was down 1.6% as compared to 0.2% decline in the S&P BSE Sensex at 10:54 am

Shares of state-owned oil & gas companies including oil marketing companies (OMCs) were under pressure with the S&P BSE Oil & Gas index falling nearly 2% on the BSE.

GAIL India, Hindustan Petroleum Corporation (HPCL), Indraprastha Gas, Bharat Petroleum Corporation (BPCL), Oil India and Petronet LNG were down 2% to 5% on the BSE.

At 10:54 am; the S&P BSE Oil & Gas index, the largest loser among sectoral indices, was down 1.6% as compared to 0.2% decline in the S&P BSE Sensex.

GAIL India was down 6% to Rs 413 on the BSE in intra-day trade