Oil, aviation stocks tumble as crude oil prices rise


Oil, aviation stocks tumble as crude oil prices rise

Prices of oil refinery and marketing companies’ shares tumbled in the market today, with the sharp jump in global crude oil prices triggering heavy selling at these counters. BPCL tumbled by about 8% and Hindustan Petroleum Corporation shed 7.4%, while Indian Oil Corporation declined 6.1%.

While volume of business at BPCL counter on BSE stayed around the average daily volume, IOC and HPCL counters saw a significant jump in volumes today.

GAIL India lost about 5.6%, Indraprastha Gas ended 4% down and Petronet LNG lost nearly 3%, while Oil India ended lower by 2.6%. Among other stocks in the BSE Oil & Gas index, heavyweights Reliance Industries and ONGC lost 1.3% and 1.2%, respectively. Castrol India declined marginally. Read More

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