Shares of Oil India Ltd plunged 3.73% to ₹371.65 in early trade on Thursday, following a steep fall in global crude prices. The decline came after OPEC+ unexpectedly announced a larger-than-anticipated hike in oil production, intensifying pressure on energy stocks.
The stock, which closed at ₹386.05 in the previous session, opened weaker and hit a day’s low of ₹371.30. The company’s market capitalization stood at ₹604.85 billion, with a trading volume of 2.69 million.
Brent crude futures dropped over 6% to below $70 a barrel after eight OPEC+ members, including Saudi Arabia and Russia, revealed plans to boost output by 411,000 barrels per day in May—much higher than the 135,000 bpd initially scheduled. This announcement, coupled with the global shock from U.S. President Trump’s sweeping tariff policy, has raised concerns of a demand slowdown and oversupply.
The pressure on crude prices is expected to impact upstream oil producers like Oil India, which are directly tied to global oil price realizations.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.
