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Reliance Industries, Oil Marketers Shares Decline On Surge In Crude Prices
Share price of Reliance Industries Limited fell as much as 3 percent to Rs 1,186.10 on NSE on Monday. It was among the worst performing stocks on the Sensex in the morning session.
Oil marketing company stocks also declined. Shares of Bharat Petroleum Corporation fell by over 5 percent to Rs 382.80, shares of Hindustan Petroleum Corporation fell nearly 6 percent to Rs 252, while shares of Indian Oil Corporation lost close to 3 percent to touch Rs 124.65.
These stocks reacted to a surge in international crude oil price benchmark-Brent's spike in rate by over 10 percent after a co-ordinated drone attack in the heart of Saudi Arabia's oil industry.
Brent crude futures soared by 11.11 percent to $66.91 per barrel on Monday.
Oil processing facility at Abqaiq and the nearby Khurais oil field were attacked on Saturday by drone strikes, knocking out 5.7 million barrels of daily crude production or 50 percent of Saudi Arabia's oil output. Abqaiq is the world's largest oil processing facility.
Yemen's Houthi rebels have claimed responsibility for the attack, according to a Reuters report, and said that it was one of their largest attacks ever inside the kingdom. The group has been behind a series of attacks on Saudi pipelines, tankers and other infrastructure in the past few years.
