RIL, ONGC And GAIL Weigh On Nifty Oil & Gas Amid EU's Curb On Russian Oil
The market-cap of oil and gas stocks declined Rs 64,583 crore to Rs 30.93 lakh crore in Monday's session.
Oil producers and refineries stocks fell during Monday's session on the National Stock Exchange amid worries over the European Union's fresh curb on Russian oil supplies. The NSE Nifty Oil & Gas was the top losing sector as Reliance Industries Ltd., Oil & Natural Gas Corp. and GAIL (India) Ltd. weighed.
Oil prices in intercontinental exchange declined in the European session as the bloc extended sanctions on Russian oil refined in third countries along with other curbs on the financial front, as reported by Bloomberg. A large-oil refinery in India, which is partly owned by Russia state-run oil company Rosneft PJSC, also got blacklisted in the European Union's move on Friday.
On Sunday, Rosneft responded by condemning the move on India's Nayara Energy refinery, Bloomberg reported. The Russian oil producer called the sanction "illegal" and unjustified.
The September future contract of the Brent crude was trading 0.33% down at $69 a barrel as of 3:39 p.m.
The NSE Nifty Oil and Gas index declined as much as 1.32% to 11,616.85. The index closed 1.09% down at 11,643.45 and become the worst losing sectoral index among its peers.
Reliance Industries Ltd., Gujarat State Petronet Ltd., Indraprastha Gas Ltd., and Castrol India were top losers in the index in terms of share price movement.
Oil India Ltd., Indian Oil Corp, Adani Total Gas Ltd., Hindustan Petroleum Corp Ltd. were top gainers in the index.
The market-cap of oil and gas stocks declined Rs 64,583 crore to Rs 30.93 lakh crore in Monday's session.
