Oil explorers slump after crude oil crashes

Shares of three oil exploration and production companies tumbled as Brent crude prices tanked after Saudi Arabia launched an aggressive price war over the weekend.

ONGC (down 15.93%), Reliance Industries (down 11.13%) and Oil India (down 9.65%) slumped. Lower crude oil prices would result in decrease in realizations from crude sales for oil exploration firms.

In the commodities market, Brent crude for May 2020 settlement tanked $9.04 at $36.23 a barrel. The contract tanked 9.44% to settle at $45.27 a barrel during the previous trading session.

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