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Shares of oil marketing companies nosedive as rupee breaches 60-mark

Mumbai, July 30: Led by HPCL, shares of oil marketing companies today slumped by as much as 11.3 per cent as the rupee breaching the 60-level against US dollar triggered concerns that import of crude

PTI [ Updated: July 30, 2013 18:51 IST ]
shares of oil marketing companies nosedive as rupee
shares of oil marketing companies nosedive as rupee breaches 60 mark

Mumbai, July 30: Led by HPCL, shares of oil marketing companies today slumped by as much as 11.3 per cent as the rupee breaching the 60-level against US dollar triggered concerns that import of crude oil would become costlier.




HPCL shares tanked 11.25 per cent to Rs 198.80, while BPCL was down 8.95 per cent to Rs 309.70 on the BSE.

Shares of IOC also nosedived 8.33 per cent to Rs 195.35. "Oil marketing companies such as HPCL was down over 11 per cent, BPCL and IOC down 9 per cent each. These companies import large quantities of crude oil and rise in USD/INR rates makes it expensive to do that," said Nagji K Rita, Chairman & MD, Inventure Growth & Securities.

Rupee fell below 60-level to a dollar after around three weeks and closed at 60.48, down 1.79 per cent. On July 8, it had touched all-time low of 61.21 to a dollar.

Meanwhile, the broader market was also weak with the BSE benchmark Sensex plunging 244.94 points to 19,348.34.

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