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Reliance Industry Suffers Largest Intra-day Loss In 10 Years
Reliance Industries slumped as much as 10 per cent, its biggest single-day fall in at least 10 years, to hit an intraday low of 1,143.
New Delhi: Crude oil prices lashed in international markets after shares of companies engaged in crude oil exploration business fell sagaciously. Crude oil refining facility at Jamnagar and operator of KG-D6 basin in Krishna Godavari basin are world's largest operator - Reliance Industries - collapsed as much as 13.65 per cent, its biggest intraday fall in at least 10 years, to hit an intraday low of 1,096.65, data from BSE showed. State-run oil explorer ONGC also sank as much as 13 per cent to hit an intraday low of Rs 77.80.
Crude oil fell the most since 1991 on Monday after Saudi Arabia started a price war with Russia by devastating its selling price and pledging to unleash its oppressed supply onto a market reeling from falling demand because of the COVID-19 outburst.
Oil prices in international markets crashed more than 30 per cent after the disintegration of the Organization of the Petroleum Exporting Countries (OPEC)+ alliance triggered an all-out price war between Saudi Arabia and Russia that is likely to have all-embracing political and economic upshot.
Brent crude futures fell by as much as $14.25, or 31.5 per cent, to $31.02 a barrel. That was the biggest percentage drop since January 17, 1991, the start of the first Gulf War, and the lowest since February 12, 2016.
US West Texas Intermediate (WTI) crude fell as much as $11.28, or 27.4 per cent, to $30 a barrel. That was also the biggest percentage drop since the first Gulf War in January 1991 and the lowest since February 22, 2016. It was trading at $32.61.
Meanwhile, equity markets witnessed heavy selling pressure on Monday as benchmark indices depreciated more than 4 per cent pursuing a selloff in global markets, as investors panicked about the oppression of coronavirus pandemic amid fears of a recession.
As of 12:31 pm, Reliance Industries traded 9 per cent lower at Rs 1,155 and ONGC descended 12.39 per cent to Rs 78.10, underperforming the Sensex which was down 4.3 per cent.
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