Oil companies' stocks crack up to 8.2pc as crude oil surges

Tags: News
Shares of oil marketing companies - HPCL, BPCL and IOC - today tanked as much as 8.2 per cent following civil unrest in major producer Iraq that pushed up oil prices.

HPCL shares plunged 8.17 per cent to Rs 392.25, while BPCL lost 5.14 per cent to Rs 568.25 on the BSE. IOC tumbled 5.07 per cent to Rs 333.20.

The BSE oil and gas index ended at 11,361.96, down 1.90 per cent.

Higher crude oil prices could increase under-recoveries of oil marketing companies that sell at subsidised rates.

Besides, a surging oil imports bill could pose problems for the economy which Prime Minister Narendra Modi is trying to reboot, said brokers.

"Markets witnessed heavy selling pressure following concerns over higher oil prices. Rising tensions in Iraq is a major reason for this sudden rise in crude oil," said Rakesh Goyal, Senior Vice President, Bonanza Portfolio Ltd.

Surging crude oil prices in global markets hit investor sentiment on concerns that unrest in Iraq could disrupt the country's oil supplies.

Brent crude oil hit a 9-month high near USD 115 a barrel today after militants closed in on Iraq's capital Baghdad.


  • With IT firms pursuing independent business models, Infosys is no longer a bellwether

    The earnings season kicked off on Monday with technology major Infosys announcing its second quarter results that were more or less on expected lines


Stay informed on our latest news!


Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs


Taslima Nasreen

Saudi Arabia will never be shamed

The health minister of Saudi Arabia Khalid Al-Falih has purportedlysaid ...

Kuruvilla Pandikattu

Our mood effects our walking style

Our mood can affect how we walk. We walk lazy ...

Dharmendra Khandal

Use technology wisely to save earth's treasures

Wildlife biologists are certainly getting inspired by our armed forces’ ...


William D. Green

Chairman & CEO, Accenture