Oil Stocks Tumble up to Seven Per Cent amid Historic Crude Oil Plunge

Stocks of companies related to oil and gas sector on Tuesday fell up to 7 per cent amid historic crude oil plunge.

Shares of Gujarat State Petronet plummeted 7.09 per cent, ONGC tanked 6.48 per cent, GAIL 5.72 per cent, Indraprastha Gas 2.22 per cent and Petronet LNG 1.53 per cent on the BSE.

Oil marketing companies also declined, with IOC falling 5.31 per cent, Bharat Petroleum Corporation 3.53 per cent and Hindustan Petroleum Corporation 5.06 per cent.

The BSE Oil and GAS index fell by 3.54 per cent to close at 10,944.19.

“Indian equity markets fell sharply today as oil market tumbled amid COVID-19 fears. Global sentiments turned negative as a historic overnight plunge in US crude oil futures highlighted the economic damage caused by the coronavirus-led lockdowns,” Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd said.

The 30-share BSE Sensex ended 1,011.29 points or 3.20 per cent lower at 30,636.71.

Globally also, markets plunged after US oil prices turned negative on Monday for the first time ever.(PTI)