OMCs under pressure as Brent tops $100-mark; BPCL, IGL hit 52-week lows

BPCL, HPCL, Indian Oil, Gujarat Gas, Petronet LNG, Indraprastha Gas and Mahanagar Gas are trading 2 per cent to 6 per cent lower on the BSE.

Shares of oil marketing companies (OMC) and city gas distribution players (CGDs) are under pressure, falling up to 6 per cent on the BSE in Thursday’s intra-day trade as oil prices topped the $100 a barrel-mark for the first time since 2014 after Russia ordered military operations in Ukraine and reports emerged of blasts in some major Ukrainian cities.

OMCs - Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL), India Oil Corporation (IOC) – and Gujarat Gas, Petronet LNG and Gail (India) from the S&P BSE Oil & Gas index were down in the range of 2 per cent