OMCs, aviation, tyre and paint stocks fell as crude oil surges

Mumbai: Shares of Oil marketing companies, local airlines, tyre firms and paint companies fell on Monday after major rebel attack hits Saudi oil facilities.

While tyre companies use a lot of crude intermediates, paint companies use crude derivatives, and hence rising oil prices increase their input costs. Airline shares were trading lower on the worries that surge in crude may lead to hike in jet fuel prices.

Among oil marketing companies, shares of Bharat Petroleum Corp Ltd fell 6%, Hindustan Petroleum Corp Ltd 5.8%, Indian Oil Corp Ltd 3.5%.