Crude oil impact: oil marketing cos fall; HPCL shares drop over 7 pc

Oil marketing stocks led by Hindustan Petroleum Corporation on Monday plunged up to 7.2 per cent amid surge in crude oil prices. HPCL shares dropped 7.24 per cent to close at Rs 244.70 on the BSE.

Bharat Petroleum Corporation dipped 2.73 per cent and Indian Oil Corporation fell 1.50 per cent. Brent crude oil futures surged nearly 2 per cent to USD 69.81.

The 30-share BSE index ended at 40,676.63, dropping 787.98 points, or 1.90 per cent as heightened tensions in the Middle East kept investors on edge. "Indian market is reacting more negatively than other emerging markets due to crude oil impact. Since our dependence on crude imports as a percentage of consumption is the highest, the impact on economy and markets is also higher," said Rusmik Oza, Senior VP (Head of Fundamental Research-PCG), Kotak Securities.