Indian Oil & Gas Stocks Decline as Crude Oil Surges Past $105
Oil & Gas stocks tumble as crude regains $105; MGL, IGL, BPCL drop up to 4%
Business StandardImage: Business Standard
Shares of Indian oil and gas companies fell on May 11, 2026, as the Nifty Oil & Gas index dropped over 1.5% due to rising global crude oil prices, which surged to $105.80 per barrel amid escalating US-Iran tensions. This decline reflects broader concerns in the Indian equities market.
- 01Nifty Oil & Gas index fell by 1.6% to 11,414.90 points.
- 02Mahanagar Gas saw the largest drop of around 4.5%.
- 03Brent crude oil prices increased by 4.45% to $105.80 per barrel.
- 04Prime Minister Modi urged citizens to reduce fuel consumption and support domestic products.
- 05Analysts warn that high crude prices may worsen India's current account deficit.
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On May 11, 2026, shares of Indian oil and gas companies faced significant pressure as the Nifty Oil & Gas index declined by 1.6%, falling to 11,414.90 points. This decline was driven by a sharp rise in global crude oil prices, with Brent crude reaching $105.80 per barrel, a 4.45% increase. The sell-off in oil stocks was part of a broader downturn in the Indian equities market, influenced by rising tensions between the US and Iran. Mahanagar Gas experienced the most significant drop, falling approximately 4.5%, while other major companies like Indian Oil Corporation and Bharat Petroleum Corporation saw declines of over 2% each. Prime Minister Narendra Modi's recent appeal for citizens to limit fuel consumption and prioritize domestic products is seen as a response to the economic challenges posed by high crude prices. Analysts predict that continued high oil prices could exacerbate India's current account deficit, with potential negative implications for economic growth in FY27.
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The rise in crude oil prices could lead to higher fuel costs for consumers, affecting household budgets and potentially increasing transportation costs.
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