Oil marketing, aviation stocks tumble as crude oil prices boil
Shares of oil marketing firms led by Bharat Petroleum Corporation Ltd (BPCL) on Monday cracked up to 7 per cent following massive spike in crude prices.
BPCL dropped 7.04 per cent, and Hindustan Petroleum Corporation Ltd tumbled 5.70 per cent on the BSE.
Shares of Indian Oil Corporation Limited also fell by 1.15 per cent.
“Any further escalation of geopolitical tensions in the middle-east region may add to the woes. Spike in crude prices, even if temporary, will be negative for downstream OMCs,” Kotak Securities said in a report.
Global crude oil price skyrocketed after drones attacked two Saudi Arabian plants on Saturday.
