ONGC, GAIL extend fall as oil price crash cast shadow on earnings prospects

Shares of oil and gas companies were reeling under pressure, hitting fresh lows on Wednesday, after a sharp plunge in oil prices cast showdown on their earning prospects. GAIL (India) slipped 9 per cent to Rs 91.25, followed by Oil India (6 per cent to Rs 85.55) and Oil and Natural Gas Corporation (ONGC) (2 per cent at Rs 73) on the BSE.

In the past one week, ONGC and Oil India tanked 22 per cent each, while GAIL (India) plunged 13 per cent, as compared to a 7.5 per cent decline in the S&P BSE Sensex.

The virtual break-up