Shares of Indian oil explorers fell on Tuesday after US crude futures turned negative for the first time ever on demand crash due to Covid-19 crisis and shortage of storage space for massive glut of oil in US.While share price of conglomerate Reliance Industries fell 6.43% intra day to Rs 1164, ONGC stock lost 8.71% to Rs 67.6 on BSE. Stock of another Indian oil explorer OIL India fell 6.84% to Rs 84.4.
Private firm Selan Exploration was stuck in lower circuit of 5% at Rs 86.5 in afternoon trade.Share Market Update: Sensex ends 1,011 points lower, Nifty at 8,981; IndusInd Bank, ICICI Bank top losers
Share price of HOEC too lost 10% intra day to Rs 39.15.
Echoing weak sentiment in the industry, share price of oil marketing companies such as Indian Oil, HPCL and BPCL were also trading in negative territory.
Indian Oil share price fell 4.91% intra day to Rs 83.3 on BSE. Stocks of HPCL and BPCL declined 4.44% and 4.06%, respectively.