Oil Giants BPCL, HPCL, And IOC Shares Plunge Up To 6% As Brent Crude Surges Amid Iran-Israel Conflict

The shares of India's leading oil marketing companies on Thursday (October 3) took a sharp hit. The shares of Bharat Petroleum Corporation Limited (BPCL), Hindustan Petroleum Corporation Limited (HPCL), and Indian Oil Corporation (IOC) in today's trading session experienced a significant decline with shares falling up to 6 per cent.

The sharp decline in the shares prices of the oil market companies is followed by a significant overnight rise in Brent crude oil prices, after the escalating geopolitical tensions in the Middle East. This rising geopolitical tensions in the Middle East, as Iran launched a ballistic missile strike on Israel, also raises fears of supply disruptions.

The Brent crude prices spiked over 4 per cent overnight, exacerbating concerns for oil marketing companies, which are particularly sensitive to crude oil fluctuations.

At 12:27 pm IST, BPCL was down 4.83 per cent to Rs 350.45 apiece. The shares of the company today opened at 353.75, and went to a low of Rs 350.25 apiece during the intraday trading session.

Similarly, the shares of HPCL dropped 6.08 per cent to Rs 417.85. The shares of the company today opened at Rs 429.00 apiece.

Furthermore, during the intraday trading session, at 12:27 pm IST, the shares of IOC fell 4.06 per cent to Rs 171.79.

The broader Nifty Energy index also dipped nearly 2 per cent as the market reacted to these developments.

Stock Market

The Indian headline indices, Sensex and Nifty, are trading in negative territory at 13:12 PM IST. The BSE Sensex is at 82,819.85, down by 1,435.83 points or 1.71 per cent. Similarly, the NSE Nifty is trading at 25,353.40, shedding 442.45 points or 1.72 per cent.