Oil and gas stocks plunge after Saudi drone attacks; HPCL, BPCL down over 4% each
Updated : September 16, 2019 09:50 AM IST
Shares of oil and gas companies were under pressure on Monday after crude oil prices surged over 10 percent following drone attacks in Saudi Arabian oil fields over the weekend, which effectively shut down 6 percent of the global oil supply.
Among stocks, oil marketing companies plunged with HPCL down 5 percent, while BPCL and IOC fell 4.5 percent and 3 percent, respectively in morning deals.
According to Jefferies, drone attacks on key Saudi oil infrastructure have taken over 5 percent of global oil.