Shares of oil and gas companies slipped on Tuesday, a day after the US crude oil futures collapsed below $0 on Monday for the first time in history, amid a coronavirus-induced supply glut, ending the day at a stunning minus $37.63 a barrel as desperate traders paid to get rid of oil.
At 09:22 am, the S&P BSE OIL & GAS index was trading over 3 per cent lower at 10,984 levels whereas the benchmark S&P BSE Sensex was down nearly 3 per cent at 30,732.60 levels.
Among individual stocks, Oil and Natural Gas Corporation (ONGC) was trading over 6 per cent lower at Rs 69.45 apiece and was the biggest loser on the Oil & Gas index.
