Mumbai, March 9 || Shares of major state-owned oil marketing companies (OMCs) traded under pressure on Monday, declining up to nearly 9 per cent in early trade as the conflict involving Iran disrupted energy flows through the Strait of Hormuz and rattled global markets.
Global crude oil prices surged past the $100-a-barrel mark.
With this development, OMC stocks such as Indian Oil Corporation (IOCL), Bharat Petroleum Corporation (BPCL), and Hindustan Petroleum Corporation (HPCL) slumped up to 8.67 per cent in early trade.
By 11.20 am, IOCL shares declined 7.29 per cent to an intraday low of Rs 156.30 from the previous close of Rs 168.60 on the BSE.
Meanwhile, BPCL shares fell 8.43 per cent to an intraday low of Rs 322.95 from Rs 352.70 on the same exchange.