Indian Oil, HPCL, BPCL: OMCs fall up 6% in 3 days; RIL manages to hold grounds

Shares of oil marketing companies (OMCs) have been on a downtrend lately since the US president Donald Trump has warned and imposed sanctions on Russian oil. India, in the recent times, has been heavily dependent on Russian imports for its energy needs, accounting nearly for 35 per cent for its crude imports in the recent times.

Leading the laggards, Mangalore Refinery and Petrochemicals (MRPL) tumbled more than 6 per cent to Rs 143.45 on Friday, while the stock was seen at Rs 152.75 on October 20. On an intraday basis, MPRL dropped nearly 2 per cent for the day.

Hindustan Petroleum Corporation (HPCL) tanked nearly 5.5 per cent from its high at Rs 457.3 on October 20 to Rs 432.35 on Friday. The stock declined 1.85 per cent in Friday's session. Similarly, Bharat Petroleum Corporation (BPCL) plunged 5.2 per cent to Rs 327.15 during the given period.

Shares of Chennai Petroleum Corporation retreated 4.35 per cent, while shares of Indian Oil Corporation (IOCL) dropped 3.35 per cent during the given period under review. However, Reliance Industries (RIL) has been the only standout performer from the space rising nearly 2.5 per cent to Rs 1450.60 on Friday, after announcing its results a week ago.

In the recent developments, US imposed fresh sanctions on Russia's two biggest oil companies- Rosneft and Lukoil- over the war in Ukraine fueled supply concerns. However, Russian President Vladimir Putin remained defiant on Thursday with sanctions to pressure the Kremlin leader to end the war in Ukraine.

According to the reports from Reuters, the US sanctions prompted Chinese state oil majors to suspend Russian oil purchases in the short term. Refiners in India, the largest buyer of seaborne Russian oil, are set to sharply cut their crude imports, said the news agency citing industry sources.