Shares of crude-sensitive sectors such as oil marketing companies (OMCs), aviation, paints and chemicals declined on Thursday’s trade as global crude oil prices continued to surge amid escalating geopolitical tensions.
Among OMCs, Indian Oil Corporation (IOC) fell 4 per cent in early trade to ₹154.06 from its previous close of ₹160.63.
Bharat Petroleum Corporation Limited (BPCL) slipped over 3 per cent to ₹314 compared with ₹325.05 earlier, while Hindustan Petroleum Corporation Limited (HPCL) declined more than 4 per cent to ₹367.50 from ₹384.25.
IOC, BPCL, HPCL fall up to 4 per cent on margin concerns.
IndiGo drops 3.5 per cent as surging fuel costs weigh on aviation stocks
Asian Paints, Berger Paints India decline amid crude-linked input cost fears
Oil tops $100 per barrel despite proposed reserve release by International Energy Agency
Aviation major IndiGo also came under pressure, with shares falling 3.5 per cent to ₹4,194.10 from the previous close of ₹4,350.70 as higher fuel costs threatened profitability.
Paint makers, which are heavily dependent on crude-linked raw materials, also witnessed selling pressure. Asian Paints and Berger Paints India declined between 1 per cent and 3 per cent during the session.
The decline in crude-sensitive counters came despite global efforts to calm oil markets through emergency reserve measures, signalling investor concerns that supply disruptions may persist longer than expected.
The International Energy Agency (IEA) has proposed a release of emergency oil reserves to ease supply pressures. A report by The Wall Street Journal said the agency is considering its largest-ever coordinated reserve release aimed at cooling crude prices.
However, geopolitical risks continued to escalate. Iraq halted operations at its oil terminals after ships were reportedly targeted, adding to global supply uncertainties.
Rating agency S&P Global Ratings had recently warned that profit margins of oil marketing companies such as IOC, BPCL and HPCL could come under strain as they may keep retail fuel prices unchanged to help contain inflationary pressures.
Oil prices have climbed sharply since the start of the US-Iran conflict, with crude rising above $100 per barrel earlier this week. The Strait of Hormuz — a critical route that handles nearly a fifth of global crude oil and liquefied natural gas flows — remains effectively closed, intensifying fears of prolonged supply disruptions.
Published on March 12, 2026
