Q1 earnings preview: ICICI Securities said that OMCs could report significant losses, driven by higher retail fuel losses, inventory losses and a sharp rise in LPG under-recovery.
Notably, Qatar had halted LNG production after its facilities were attacked by Iran. India depends on long-term LNG contracts with Qatar for a significant share of its gas needs.
Among the index constituents, Mahanagar Gas fell around 4.5 per cent, followed by IOCL, BPCL, Adani Total Gas, HPCL, Petronet LNG, Chennai Petroleum, and GAIL down over 2 per cent each
The move comes as India faces critical challenges in meeting the country's energy requirements amid the West Asia crisis, highlighting high energy import dependency and lack of storage infrastructure
Shares of Gujarat State Petronet were up 9 per cent, while Gujarat Gas and Aegis Logistics gained over 7 per cent each
Notably, the six-week-long war in West Asia has disrupted global energy supply. India is a net importer of natural gas, relying on overseas supplies for the majority of its consumption.
Petronet LNG shares have rebounded 18.28 per cent from their 52-week low of ₹235.35 per share, which was touched on March 23, 2026, on the NSE
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Petronet LNG (PLNG) gets 8.5 mmtpa of LNG from Qatar (50 per cent of its volume) and PLNG has issued a press release in response to QatarEnergy's notice of force majeure
In a month, Petronet LNG shares fell 15 per cent, compared to Sensex's fall of 10.5 per cent