Oil & gas shares under pressure; HPCL plunges 8%
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Shares of refinery companies are under pressure with the S&P BSE Oil & Gas index falling nearly 4% in late noon trades.
Hindustan Petroleum Corporation Limited (HPCL), Oil & Natural Gas Corporation (ONGC) and Cairn India have plunged more than 5% each, while Indian Oil Corporation (IOC), Reliance Industries and Bharat Petroleum Corporation (BPCL) down 3%-4% on the BSE.
At 03:11 PM, S&P BSE Oil & Gas has slipped 3.8% or 345 points at 8,765 as compared to 1% fall in the benchmark S&P BSE Sensex.
HPCL has dipped 8% to Rs 728 on the NSE after the company reported a net loss of Rs 321 crore for the quarter ended September 30, 2015 (Q2) against profit of Rs 850 crore in a year ago quarter.
Net sales declined by 18.6% to Rs 42,003 crore for the quarter against Rs 51,611 crore in the corresponding quarter of previous year.
The declining crude and product prices impacted financials on account of inventory losses during the quarter July – September 2015, HPCL said in a press statement.
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