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Nifty Oil & Gas tumbles 4% as demand worries push crude oil prices lower; RIL takes a massive dig; Adani Total, ONGC, BPCL, Oil India spoilsport too

All stocks listed on Nifty Oil & Gas were in the red with heavyweight Reliance Industries being the major mover towards the cliff.

December 20, 2021 2:40 IST | India Infoline News Service
Oil-price-down1
Oil and gas stock on stock exchanges traded on a bearish tone tracking overall weak markets on Monday. Sentiments were dampened after the quick spread of Omicron takes a toll on crude oil prices globally as future demand worries take centre stage. All stocks listed on Nifty Oil & Gas were in the red with heavyweight Reliance Industries being the major mover towards the cliff.

At around 2.32 pm, Nifty Oil & Gas was trading at 7,097.85 lower by 283.40 points or 3.84%. The index has touched an intraday high and low of 7,279.95 and  7,067.90 respectively.

Stocks listed on the index has tumbled in the range of 1-8%.

Oil India was the worst hit stock tumbling by 7.8% followed by BPCL slipping 6.5%. MRPL shed 5.3% and Adani Total Gas hit a 5% lower circuit.

ONGC dipped 4.6%, while Castrol India fell by 3.7%. HPCL and MGL dropped 3.6% each. Indian Oil and heavyweight RIL declined more than 3% each.

Gail fell 2.97%, whereas IGL and Gujarat Gas dived more than 2% each.

Petronet LNG slips 1.9%, GSPL shed over 1%.

Crude oil prices were under pressure as investors were cautious amid uncertainties revolving around future demand for the fossil fuel due to the spread of omicron Covud variant in different countries, tighter restrictions and lockdown in many countries globally especially ahead of Christmas and New Year's celebration. 

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