Election Results 2024: Nifty Oil & Gas index cracks 10%; GAIL, Oil India, ONGC, HPCL share prices decline 10-17%, RIL 7%
GAIL Ltd , Oil and Natural Gas Corporation (ONGC), Hindustan Petroleum Corporation and Oil India limited , were among the prominent upstream oil and Gas producer saw its share price decline 10-17% in intraday trades. GAIL Ltd was the largets loser with 17% decline in share price.Among other counters Bharat Petroleum Corporations Ltd, Petronet LNG, Mahanagar Gas Ltd, Indian Oil Corporation Ltd were also among the significant losers with their share prices declining 8-10.Meanwhile the index heavyweights like the Reliance Industries share price also declined more than 6%The City Gas distribution companies as Gujarat Gas Ltd, Indraprastha Gas Limited share price also declined more than 6%.Also Read Crude oil prices drop nearly 8% in just 5 sessions to hit a 4-month low on worries over higher supplyThe uncertainty around the Lok Sabha Election results led to the fall in the share prices.
The policy continuity remains key for prospects of Government led undertakings. The fall in crude oil prices was also among reasons that led to the crack in upstream oil and Gas producer share pricesThe ONGC , Oil India share prices saw deep cuts led by fall in the crude prices.
Brent Crude prices that were at around $84 a barrel on 28th May have declined to close to $76 a barrel levels now. Notably they have fallen from more that $90 a barrel levels that they scaled in April.
The weakness in crude prices also is responsible for weakness in GAIL India, share prices. Also Read- General Elections 2024 Results: PSU stocks tumble as early trends show mixed results; BSE PSU down 8%The lower crude oil price impacts investor sentiments on oil & Gas producers.
Read more on livemint.com
