Shares of three oil exploration and production companies tumbled as Brent crude prices tanked after Saudi Arabia launched an aggressive price war over the weekend.
ONGC (down 15.93%), Reliance Industries (down 11.13%) and Oil India (down 9.65%) slumped. Lower crude oil prices would result in decrease in realizations from crude sales for oil exploration firms.In the commodities market, Brent crude for May 2020 settlement tanked $9.04 at $36.23 a barrel. The contract tanked 9.44% to settle at $45.27 a barrel during the previous trading session.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
