Shares of the state-owned oil marketing companies such as Indian Oil Corp (IOC), Hindustan Petroleum Corp Ltd (HPCL) and Bharat Petroleum Corp Ltd (BPCL) declined due to a rise in global crude prices and increased volatility in the Indian rupee against the US dollar.
Global crude prices rose following reports that Iran's crude oil exports have been declining as importers curb their purchases ahead of the incoming US sanctions on the country that will come into effect in November.
IOC traded down by 2.62 percent to Rs 146.80, HPCL dipped 3.22 percent to Rs 235.90, and BPCL shed 2.85 percent to trade at Rs 328.40.
In a related development, the Delhi high court has refused to pass orders on a public interest litigation (PIL) against rising fuel prices.
The court said fuel prices is a matter of national policy and any orders will have wide-ranging ramifications.
The court has directed the petroleum ministry to consider the suggestions in the PIL within four weeks.
Meanwhile, equity indices traded mixed with the BSE Sensex higher by 72 points or 0.19 percent to 37,485, while the NSE Nifty 50 was marginally up by 8.65 points to 11,296.