Shares of three state-run oil marketing companies fell by 2% to 2.32% at 9:49 IST on BSE as weakness in rupee raised concerns about increased costs of importing oil.
BPCL (down 2.32%), Indian Oil Corporation (down 2.05%) and HPCL (down 2%), edged lower.
The S&P BSE Sensex fell 301.13 points, or 1.42% at 20,832.43.
The Indian rupee on Monday, 27 January 2014, opened lower against the dollar, tracking losses in other Asian currencies, ahead of the Reserve Bank of India (RBI) monetary policy review on Tuesday, 28 January 2014. The Indian currency was trading at 62.76 per dollar, down 0.13% from its previous close of 62.68.
Public sector oil marketing companies (PSU OMCs) import about 70-75% of their crude oil needs and rely heavily on foreign currency borrowings, which largely remain unhedged.
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