India News | Crude Oil Sensitive Stocks Decline in Early Trade

New Delhi, Jun 23 (PTI) Shares of crude oil sensitive sectors -- oil marketing companies, aviation, paints and adhesives -- declined on Monday morning, following a spike in Brent crude oil prices amid the ongoing conflict between Israel and Iran.

The stock of Bharat Petroleum Corporation Ltd dropped 1.54 per cent, Indian Oil Corporation dipped 1.22 per cent and Hindustan Petroleum Corporation Ltd declined 1 per cent on the BSE.

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Shares of SpiceJet fell by 2.47 per cent and InterGlobe Aviation edged lower by 2.24 per cent.

The US bombed three major nuclear sites -- Fordow, Natanz and Isfahan -- in Iran, bringing itself into the Israel-Iran conflict.

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Kansai Nerolac Paints dropped 3 per cent, Berger Paints declined 2 per cent, Asian Paints went lower by 1.38 per cent and Akzo Nobel India dipped 0.42 per cent.

Global oil benchmark Brent crude jumped 1.96 per cent to USD 78.52 a barrel.

The 30-share BSE Sensex tumbled 840.49 points to 81,567.68 in morning trade. The 50-share NSE Nifty dropped 253.65 points to 24,858.75.

Global oil prices have jumped to their highest level since January after Israel struck Iran, in a dramatic escalation of tensions in the Middle East.

India imports more than 85 per cent of its crude oil needs and roughly half of its natural gas requirement. More than 40 per cent of the oil imports and half of gas imports come from the Middle East.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)