OMCs drop as crude rises to 2-year high; IOC, HPCL down: 7 Nov 2017

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Shares of the oil marketing stocks declined after crude oil price rose to its highest level in two-years. Higher crude oil prices adversely impact the margins of oil refiners.

IOC was contributing most to the index losses of over 70 points, whereas BPCL was the top loser of the index.

The BSE Oil & Gas Index was trading at 16,293 level, down by 235 points or 1.4%. IOC was trading at Rs 397.75 per share, down by 3%.

Hindustan Petroleum Corporation Ltd is currently trading at Rs 420.95, down by Rs 13.6 or 3.13% from its previous closing of Rs 434.55 on the BSE.
The scrip opened at Rs 430 and has touched a high and low of Rs 431.7 and Rs 418.7 respectively.

Bharat Petroleum Corporation Ltd is currently trading at Rs 510.2, down by Rs 14.55 or 2.77% from its previous closing of Rs 524.75 on the BSE. The scrip opened at Rs 528 and has touched a high and low of Rs 528 and Rs 508.6 respectively.

Indian Oil Corporation Ltd is currently trading at Rs 397.45, down by Rs 13 or 3.17% from its previous closing of Rs 410.45 on the BSE. The scrip opened at Rs 410.05 and has touched a high and low of Rs 411.85 and Rs 393.7 respectively.

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