ONGC, Oil India, Cairn India dip as crude oil falls
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Shares of oil exploration and production companies such as Oil India, Cairn India and Oil and Natural Gas Corporation (ONGC) have slipped more than 3% on the BSE after crude oil tumbled to its lowest level in nearly seven years.
Oil India has dipped 4% to Rs 371, Cairn India is down 3.5% at Rs 131, while ONGC has declined 3% at Rs 217 on the BSE. The S&P BSE Sensex was down 0.46% or 117 points at 25,412 at 11:50 AM.
Brent and US crude futures fell as much five per cent in belated reaction to the Organization of the Petroleum Exporting Countries' (Opec) policy meeting on Friday which ended without an agreement to lower production, the Reuters report suggests.
The profitability of these companies will be impacted due to a drop in crude realisation — the margin derived from sales to oil refining companies.
These three companies had reported an average 26% year on year decline in their aggregate net profit for the quarter ended September 2015, due to lower crude prices.
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