Shares of four upstream oil companies dropped by 0.9% to 2.92% at 15:15 IST on BSE as crude oil prices declined.
Meanwhile, the BSE Sensex was down 195.52 points, or 0.74%, to 27,606.23.
Among upstream oil companies, ONGC (down 1.34%), Oil India (down 2.92%), and Cairn India (down 0.9%) declined.
Reliance Industries (RIL) declined 0.95%. The company announced that the special economic zone (SEZ) unit of Jamnagar refinery of the company is planning to shut down one crude distillation unit for routine maintenance and inspection activities in the first half of July for about 10 days. The announcement was made during market hours today, 29 June 2015. This opportunity would also be utilized to carry out necessary modifications to improve the reliability and performance of the unit, RIL said. The other three crude distillation units, including major secondary processing units are planned to operate at normal throughput, the company said. The planned maintenance turnaround at the refinery is not expected to have any impact on commercial commitments, it added.
Lower crude oil prices would result in lower realizations from crude sales for oil exploration firms.
Brent crude oil futures edged lower. Brent for August settlement was down $1.56 a barrel at $61.70 a barrel. The contract had risen 6 cents or 0.09% to settle at $63.26 a barrel during the previous trading session.
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