Oil and gas stocks slip on selling pressure

Oil and gas stocks fell by as much as 6.2 per cent today on continued upmove in crude prices due to unrest in Iraq and amid reports that higher gas pricing may be allowed only for incremental output.
Shares of ONGC plunged 5.13 per cent to Rs 420.45, the most in three years. The state-owned oil explorer was also the top loser among the 30-bluechip Sensex stocks.
Oil India tanked 6.18 per cent, while RIL fell by 2.38 per cent and Gail India lost 1.88 per cent on the BSE.
Shares of state-run oil companies also saw heavy selling. BPCL lost 4.23 per cent, HPCL plunged 3.97 percent and IOC was down 2.63 per cent.

Led by the losses in these stocks, the BSE's oil and gas index fell by 3.11 per cent to settle at 11,164.79.
Rising oil prices inflate the fuel import bill and push inflation higher.

Violence in Iraq threatens to further push up global oil prices and add to domestic inflationary pressures, an expert said.
The US benchmark West Texas Intermediate (WTI) for July rose 44 cents to USD 106.41 while Brent crude for August gained 18 cents to USD 114.44 a barrel.
In the broader market, the Sensex fell by 44.45 points to settle at 25,201.80.