Shares in state-owned oil marketing companies – Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL) and Indian Oil Corporation (IOC) – are trading down between 3-4% on rising international crude oil prices.
Crude oil hovered near nine-month highs early on Friday as escalating civil war in Iraq hit risk appetite, the Reuters report suggests.
U.S. crude rose $1.00 to $107.53 a barrel, highest since September, it added.
Meanwhile, at 1140 hours, the rupee is trading at 59.46, after hitting 59.49, its lowest since May 15 and below its close of 59.25.
Higher crude oil prices could increase under-recoveries of state-owned oil marketing companies.
Among the individual stocks, HPCL has dipped nearly 4% to Rs 411 followed by BPCL (3.5% at Rs 578) and IOC (3.2% at Rs 340) on BSE. Oil India and Oil and Natural Gas Corporation (ONGC) are too, down between 1-2%.
Crude oil hovered near nine-month highs early on Friday as escalating civil war in Iraq hit risk appetite, the Reuters report suggests.
U.S. crude rose $1.00 to $107.53 a barrel, highest since September, it added.
Meanwhile, at 1140 hours, the rupee is trading at 59.46, after hitting 59.49, its lowest since May 15 and below its close of 59.25.
Higher crude oil prices could increase under-recoveries of state-owned oil marketing companies.
Among the individual stocks, HPCL has dipped nearly 4% to Rs 411 followed by BPCL (3.5% at Rs 578) and IOC (3.2% at Rs 340) on BSE. Oil India and Oil and Natural Gas Corporation (ONGC) are too, down between 1-2%.
