Shares of three oil exploration firms lost 1.21% to 3.66% at 11:07 IST on BSE, after crude oil prices slumped nearly 3% on the New York Mercantile Exchange on Friday, 16 April 2010.
Meanwhile, the BSE Sensex was down 257.29 points, or 1.46%, to 17,333.89.
India's second biggest oil and gas exploration firm by revenue, Oil India, declined 1.21% to Rs 1125. India's biggest state-run oil exploration firm by revenue Oil & Natural Gas Corporation (ONGC) dropped 1.89% to Rs 1012. Cairn India lost 3.66% to Rs 297.25.
On BSE, Oil India reported volumes of 5,410 shares, ONGC clocked volumes of 51,443 shares and Cairn India notched volumes of 1.04 lakh shares.
ONGC underperformed the market over the past one month till 16 April 2010, declining 3.79% as compared to the Sensex's 1.20% rise. It had also underperformed the market in the past one quarter, falling 14.98% as compared to the Sensex's return of 0.21%.
Cairn India outperformed the market over the past one month till 16 April 2010, gaining 9.86% as compared to the Sensex's 1.20% rise. It had also outperformed the market in the past one quarter, rising 3.78% as compared to the Sensex's return of 0.21%.
Oil India underperformed the market over the past one month till 16 April 2010, declining 0.10 % as compared to the Sensex's 1.20% rise. It had also underperformed the market in the past one quarter, falling 8.07% as compared to the Sensex's return of 0.21%.
Fall in crude oil prices would result in lower realizations from crude sales for oil exploration firms. Light, sweet crude oil declined $2.27 or 2.65%, to $83.24 a barrel on Friday, 16 April 2010 as Wall Street slumped on news the Securities and Exchange Commission (SEC) had filed civil-fraud charges against US investment bank Goldman Sachs.
Oil extended losses in Asian trade on Monday, 19 April 2010. It was down $1.36 or 1.63% at $81.88 a barrel.
ONGC's net profit rose 23.4% to Rs 3053.58 crore on 23.1% increase in net sales to Rs 15314.49 crore in Q3 December 2009 over Q3 December 2008.
Oil India's net profit rose 23.5% to Rs 717.28 crore on 46.5% increase in net sales to Rs 2041.33 crore in Q3 December 2009 over Q3 December 2008.
On a consolidated basis, Cairn India's net profit rose 23.1% to Rs 290.96 crore on 135% surge in net sales to Rs 495.46 crore in Q3 December 2009 over Q3 December 2008.
