22 Apr , 2026 By : Debdeep Gupta
Shares of Hindustan Petroleum Corporation, Bharat Petroleum Corporation, Indian Oil Corporation and other crude-sensitive shares declined up to 2 percent in Wednesday’s trade after Brent crude rose about 4 percent overnight to near USD 100 a barrel.
The decline in oil marketing companies (OMCs) came amid higher crude oil prices and uncertainty over a possible peace agreement in West Asia.
Brent crude, the global oil benchmark, was trading 0.28 percent lower at USD 98.20 per barrel in futures trade. Analysts said prices had moved above the USD 98-a-barrel mark after US President Donald Trump warned of military action against Iran if a peace agreement was not reached before Wednesday.
Trump said that if the ceasefire ends without an agreement, he is prepared to resume attacks on Iran. "I expect to be bombing because I think that’s a better attitude to go in with," he told CNBC’s ‘Squawk Box’.
Shares of Hindustan Petroleum Corporation fell 0.72 percent to Rs 381.65 on the NSE, while Bharat Petroleum Corporation declined 1.05 percent to Rs 314.70. Indian Oil Corporation Ltd was down 0.28 percent at Rs 146.90.
Higher oil prices are seen as negative for India, the world’s third-largest crude importer, as they can widen the fiscal deficit, push up inflation and impact growth.
Paint stocks also came under pressure due to rising input costs linked to crude oil. Shares of Asian Paints Ltd fell up to 1.7 percent to Rs 2,500 per share on the NSE.
Shares of Eternal declined 0.4 percent to Rs 258.41. Shares of InterGlobe Aviation, the parent of IndiGo, also fell 0.81 percent to Rs 4,655.
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