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Oil marketing companies' shares plunge up to 6.1% on soaring crude oil prices

Press Trust of India  |  New Delhi 

Shares of oil marketing companies -- Hindustan Petroleum Corporation Ltd (HPCL), Bharat Petroleum Corporation Ltd (BPCL) and Indian Oil Corporation Ltd (IOC) -- tumbled up to 6.1 per cent Monday amid soaring crude oil prices.

The scrip of HPCL plunged 6.11 per cent to close at Rs 250.30, while BPCL dropped 5.99 per cent to close at Rs 340.45 on the BSE.

Shares of IOC fell 4.13 per cent to Rs 149.70 on the BSE.

Global benchmark Brent crude Monday climbed to a multi-month high of USD 73.81 per barrel, up 2.56 per cent.

"Indian markets had a rough day on the back of sharp rise in crude oil price above USD 74 per barrel (intra-day). As a significant importer of crude oil, the high oil price is not good for Indian macros," said Jagannadham Thunuguntla, senior VP and Head of Research (Wealth), Centrum Broking.

Weakness was also seen in shares of airline, with SpiceJet, Jet Airways (India) and InterGlobe Aviation tumbling 8.15 per cent, 5.67 per cent and 4.22 per cent, respectively, on the BSE.

The 30-share BSE index settled 495.10 points, or 1.26 per cent, lower at 38,645.18.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, April 22 2019. 20:25 IST