New Delhi, Apr 11 (PTI) Shares of HPCL, BPCL and IOC reeled under pressure today, tumbling up to 7.6 per cent amid concerns over spike in global crude oil prices.
Hindustan Petroleum Corporation scrip plunged 7.57 per cent, Bharat Petroleum Corporation 7.42 per cent and Indian Oil Corporation 6.41 per cent on BSE.
The BSE oil and gas index fell 2.23 per cent to end at 14,715.87.
There were concerns as the brent crude prices went past USD 70 a barrel.
“Adding to investors’ woes was a sudden spike in global crude oil prices which crossed the USD 70 a barrel mark,” said Abhijeet Dey, Senior Fund Manager Equities, BNP Paribas Mutual Fund.
“Market extended a range bound movement due to subdued trade in global market owing to concern on US military strike on Syria. Consequently, crude price surged while domestic 10 year yield rose adding risk to widening current account deficit,” said Vinod Nair, Head of Research, Geojit Financial Services. PTI
This is published unedited from the PTI feed.