Shares of four upstream oil companies dropped 3.04% to 4.79% at 9:30 IST on BSE after further slide in global crude oil prices.
Meanwhile, the BSE Sensex was down 902.12 points, or 3.3% to 26,463.95.
Among oil exploration and production companies, ONGC (down 4.06%), Oil India (down 3.04%), Cairn India (down 4.79%), and Reliance Industries (RIL) (down 3.17%) declined.
Lower crude oil prices would result in lower realizations from crude sales for oil exploration firms.
Brent crude oil futures for October delivery hit fresh 6-1/2-year lows today, 24 August 2015, as investors fretted that a slowing Chinese economy will lead to weaker demand amid a global supply surplus. Brent for October settlement was currently off $1.01 a barrel at $44.45 a barrel. The contract had declined $1.16 a barrel or 2.48% to settle at $45.46 a barrel during the previous trading session.
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