OPEC members began a two-day meeting Thursday to decide about the production policy.
"Investors are closely watching the meeting between the Organisation of the Petroleum Exporting Countries (OPEC) and other top oil-producing countries," said BNP Paribas Mutual Fund's Senior Fund Manager-Equities, Abhijeet Dey.
As per reports, OPEC is looking for a sufficient reduction in oil production to help recover tumbling crude prices.
Led by losses in these stocks, the BSE Oil and Gas Index dropped by 1.70 per cent.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)