Oil stocks fall up to 6% on weak Indian rupee, HPCL, BPCL, IOC shares hit

Written by PTI | Mumbai | Updated: Sep 24 2013, 00:24am hrs
Oil stocks
Led by Hindustan Petroleum Corporation Ltd (HPCL), shares of oil marketing companies today fell by up to 6 per cent, following weakness in the rupee against the US dollar.

Shares of Hindustan Petroleum Corporation Ltd tanked 5.71 per cent to Rs 196.40, while Bharat Petroleum Corporation Ltd was down by 3.22 per cent to Rs 323.30 on the BSE.

Similarly, Indian Oil Corporation Ltd shares went down by 1.67 per cent to Rs 220.90.

Marketmen said shares of oil marketing companies declined on worries that weakness in Indian rupee against the US dollar may raise cost of crude oil imports.

Check Stocks: BSE Sensex

The rupee today closed at 62.60 against the US dollar, down 37 paise or 0.59 per cent from its previous close.

Oil marketing companies import about 75 per cent of the country's crude oil requirement.

The BSE 30-stock index, Sensex, closed the day at 19,900.96, down 362.75 points.