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The shares of Indian oil marketing companies on Monday skid after global crude prices rallied by about 3 per cent to levels last seen in Nov 2018.
Oil prices shot up after United States announced that all buyers of Iranian oil will have to end their imports shortly, or be subject to U.S. sanctions. Removing the sanctions exemptions would reduce oil supply from a market that is already tight because of U.S. sanctions against Iran and fellow OPEC-member Venezuela.
Hindustan Petroleum Corp Ltd shares fell over 6 per cent to ₹ 250.50 in its worst intra-day per cent fall since November 12.
The shares of Bharat Petroleum Corp Ltd plunged as much as 5.2 per cent to ₹ 344.10, its biggest intra-day fall in nearly 5 weeks and while that of Indian Oil Corp Ltd was down 4.2 per cent to ₹ 149.50 in worst intra-day fall since April 8.
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