OMC Stocks Fall as Crude Surges, Russian Oil Sanctions Weigh

Shares of IOC, BPCL, HPCL, and MRPL dropped up to 3% on October 23 as Brent crude rose over 3%, threatening margins. Sentiment weakened further after reports said Indian refiners are reviewing Russian oil contracts following new US sanctions on Rosneft and Lukoil, with companies ensuring compliance before the November 21 deadline.