Israel-Iran tensions see OMC stocks IOC, BPCL, HPCL slip up to 4% on Friday, April 19

Shares of Bharat Petroleum Corporation Ltd (BPCL) were down by 4.2 per cent at Rs 560.20 intraday on Friday.

Similarly, other oil and marketing companies (OMCs) such as Indian Oil Corporation and Hindustan Petroleum Corporation Ltd (HPCL) slumped 4.1 per cent each at Rs 162.20 and Rs 457, respectively in intraday deals.

Furthermore, stocks of companies, Reliance, GSPL and Gujarat Gas Limited fell in the range of 1-3 per cent in early trade. At an index level the Nifty Oil and Gas was down by 1.27 per cent with 11 stocks declining while only three outperformed.

Brent crude, however, was trading 1.71 per higher at $88.82 per bbl.

The decline in the stock prices of OMCs comes after tensions flared up once again between Israel and Iran on Friday morning. As Iran’s state media reported explosions in the central province of Isfahan. Fars News reported that three blasts were heard near the Shekari army airbase in the northwest of Isfahan province.

Isfahan also is home to sites associated with Iran's nuclear programme, including its underground Natanz enrichment site, which has been repeatedly targeted by suspected Israeli attacks.

Iran's Tasnim news agency, however, said that all nuclear facilities in Isfahan were "completely secure".

Earlier, Iran launched missiles and drone attacks at Israel. Tehran said it was in retaliation for the presumed Israeli strike on the Iranian consulate in Damascus which killed two generals and several others on April 1.

Amid the underperformance by OMC stocks, shares of companies Castrol India Limited, ONGC and IGL shot up in the range of 1-2 per cent intraday on BSE. In comparison, S & P BSE Sensex was trading 0.56 per cent lower at 72,081.

At 10:53 AM, IOC was trading 3 per cent lower at Rs 163.90, while BPCL was down 2.48 per cent at Rs 575 and HPCL fell by 2 per cent at Rs 467.80.