Shares of three oil exploration & production firms declined 1.07% to 1.24% at 14:51 IST on BSE on worries fall in crude oil prices would result in lower realizations from crude sales for these firms.
Meanwhile, the BSE Sensex was down 152.56 points, or 0.56%, to 27,273.17
Reliance Industries (RIL) (down 1.07%), Oil India (down 1.09%) and Cairn India (down 1.24%) dropped.
ONGC rose 1.28%. The government has already finalised 5% stake-sale in the firm during the current fiscal year ending 31 March 2015.
Brent crude oil futures extended losses from the lowest closing level in more than five and half years as the United Arab Emirates and Kuwait predicted a global supply glut will persist to at least the second half of 2015. Brent for February settlement was off 72 cents at $45.87 a barrel. The contract had lost 84 cents or 1.77% to settle at $46.59 a barrel during the previous trading session. Brent for March settlement was off 77 cents at $47.05 a barrel.
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