Oil and gas stocks slip after brent crude races past $100 a barrel

Oil and gas stocks crashed today after brent crude rates went past $100 for the first time in over seven years. The spike in brent rates came amid a possibility of stricter sanctions on oil producer Russia after it attacked Ukraine on Thursday.

BSE oil and gas index plunged 695 points to 16,781 in afternoon session against the previous close of 17,476. Major index component Reliance Industries fell 4.07% intra day to  Rs 2,277.2 against the previous close of Rs 2,373 on BSE.

Also read: Russia attacks Ukraine: Is this World War III?

Stock of energy major ONGC slipped 1.96 per cent to Rs 157.55 against the previous close of Rs 160.70. Shares of Indraprastha Gas fell 6.75 per cent to Rs 337.1 against the previous close of Rs 361.50 on BSE.

Nifty Energy index too slipped 850 points to 23,314 in afternoon trade. Meanwhile Sensex plunged 2069 points to 55,162 and Nifty lost 634 points to 16,428 in afternoon session.

 All Sensex and Nifty stocks were trading in the red.