Indian equity indices tumble as oil prices surge after Saudi attack

Indian equity indices tumble as oil prices surge after Saudi attack

16 Sep 2019 12:12 PM
 

Equity indices in India, the world's third-biggest importer of oil, slumped on Monday as oil prices surged after attacks on key oil producer Saudi Arabia's crude facilities over the weekend.

The broader NSE index fell as much as 0.79% to 10,988.85, while the benchmark BSE index slipped 0.73% to 37,112.79.

Benchmark Brent crude futures rose by as much as 19.5% to $71.95 per barrel, the biggest intra-day jump since Jan. 14, 1991. The front-month contract was at $66.20 per barrel, up $5.98, or 9.9%, from their previous close.

Indian oil marketing companies Indian Oil Corporation Ltd, Hindustan Petroleum Corp Ltd and Bharat Petroleum Corp Ltd slid between 5% and 7%.

Heavyweight oil-to-retail conglomerate Reliance Industries Ltd was among the top drags, falling as much as 3.22% to its lowest in nearly two weeks.

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