OMCs, aviation stks drop as crude rises; IndiGo, Jet Airways hit 52-wk lows Stock Market Advice
Shares of aviation and oil and gas companies came under selling pressure on Tuesday as the crude oil prices hit a four-year high. State-run GAIL was trading over 4 per cent lower at Rs 365.65 apiece on BSE, after hitting an intraday low of Rs 364.90. BPCL was down nearly 3 per cent at Rs 357.40. Shares of Hindustan Petroleum (HPCL) was trading two and a half per cent lower at Rs 242 while those of Indian Oil was down 1 per cent at Rs 153.5. Oil India was trading at Rs 217, down 0.37 per cent. At the time of writing this report, the S&P BSE Oil & Gas index was down 1 per cent at 14,762. In the aviation space, all the three stocks - SpiceJet, IndiGo and Jet Airways, hit their respective 52-week lows. Subscribe to Business
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ARTICLE SOURCE: BS