Stock Market Today: Sensex Drops Over 1,600 Points, HPCL Leads Losses Among Oil Stocks
BPCL Share Price Fall: Crude oil prices are once again seeing a surge due to renewed military tensions between the US and Iran. Consequently, the share prices of HPCL, BPCL, and IOC have fallen sharply.
The Indian stock market experienced a steep fall on Wednesday. The BSE Sensex index plunged by 1,677 points and not even one out of the 30 stocks was in positive territory. The NSE Nifty fell by 516 points. Shares of oil marketing companies (OMC) tumbled by as much as 4.71%. There was a rise in crude oil prices owing to military tension in the Middle East region.
Shares of state-run oil companies declined sharply. HPCL recorded the steepest decline of 4.71% or ₹19.10 to close at ₹386. BPCL witnessed a decline of 3.31% or ₹10.41. The IOC fell by 3.2%.
According to reports, tensions in the Middle East have escalated again following US attacks on Iran. Previously, ships transiting the Strait of Hormuz were attacked, for which the US blamed Iran. In response, Iran launched missile attacks on US military bases in Bahrain and Kuwait.
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