Shares of energy companies were under pressure falling by up to 17 per cent on the BSE in Monday’s trade after oil prices tumbled about 5 per cent to a three-week low on Friday, as investors feared that interest rate hikes from major central banks could slow the global economy and cut demand for energy.
Mangalore Refinery & Petrochemicals tanked 17 per cent to Rs 78.55, while Chennai Petroleum Corporation tumbled by 15 per cent to Rs 277.75 and Oil India plunged 8 per cent to Rs 233.40 on the BSE in intra-day trade. These stocks had seen sharp run-up on higher crude oil prices.
