OMC Shares Drop Up to 4.5% as Crude Surges; ONGC, Oil India Gain

shares of Indian oil marketing companies (OMCs) fell sharply as Brent crude oil prices surged amid escalating geopolitical tensions in the Middle East.

etroleum Corporation Ltd (HPCL) shares dropped 4.5% to Rs 396, oleum Corporation Ltd (BPCL) declined 3.65%, and Indian Oil Corporation Ltd (IOC) fell 2% by 10:20 AM. Mangalore Refinery and Petrochemicals Ltd (MRPL) also saw a 1.6% dip, trading at Rs 143.58. The rise in crude oil prices, driven by Iran’s threat to strike U.S. bases if nuclear talks fail, has raised concerns about higher input costs and squeezed marketing margins for OMCs. Conversely, oil exploration companies benefited from the crude price spike.