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.


  • Banking security breach reveals how vulnerable the system is

    Fear has gripped millions of Indians whose bank accounts have been compromised due to a massive security breach in the payments ecosystem linked with


Stay informed on our latest news!


Urs Schoettli

Just how useful are summits?

In the age of globalisation international summits play an increasingly ...

Zehra Naqvi

Of absolute truth & relative perception

Is there such a thing as absolute truth? Look around ...

Shona Adhikari

When art meets the artful

This week’s art news focuses on vastly different themes and ...