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Shares of oil and gas sector, mainly oil exploration companies such as Oil and Natural Gas Corporation (ONGC), Oil India, Reliance Industries, Gail (India) and Cairn India are down 1-4% on the BSE.
At 1518 hours, S&P BSE Oil and Gas index, the largest loser among sectoral indices, was down 2.6% or 281 points as compared to 0.49% or 142 points decline in the benchmark S&P BSE Sensex.
According to PTI reports, crude oil futures tumbled 4.28% to trade at Rs 4,030 per barrel as speculators indulged in reducing exposures after it fell to new multi-year lows in Asian trade.
Lower crude oil prices will result in lower realizations from crude sales for oil producers.
Among the individual stocks, ONGC and Oil India dipped 4% each as Rs 366 and Rs 572 on BSE. Reliance Industries slipped 2.8% to Rs 964, followed by Gail Indian down 2% at Rs 479 and Cairn India down 1% at Rs 257.
At 1518 hours, S&P BSE Oil and Gas index, the largest loser among sectoral indices, was down 2.6% or 281 points as compared to 0.49% or 142 points decline in the benchmark S&P BSE Sensex.
According to PTI reports, crude oil futures tumbled 4.28% to trade at Rs 4,030 per barrel as speculators indulged in reducing exposures after it fell to new multi-year lows in Asian trade.
Lower crude oil prices will result in lower realizations from crude sales for oil producers.
Among the individual stocks, ONGC and Oil India dipped 4% each as Rs 366 and Rs 572 on BSE. Reliance Industries slipped 2.8% to Rs 964, followed by Gail Indian down 2% at Rs 479 and Cairn India down 1% at Rs 257.
