MUMBAI (Commodity Online): India’s oil exploration companies tanked on the bourses on Monday trading session after crude oil prices fell nearly 2% on the New York Mercantile Exchange (NYMEX) on Friday, 19 March 2010.

Oil explorers including, Oil India Ltd (BOM:533106), Cairn India Ltd (BOM:532792) and Reliance Industries Ltd (BOM:500325) traded in red on the Bombay Stock Exchange (BSE) in the morning trading session on Monday, March 22, 2010.

Oil India tanked by close to 1% to Rs.1104, while Cairn India slipped by 1.28% to Rs.281.50 amid overall weakness on BSE. The benchmark index, Sensex was down by 0.35% to 17,517 points in the morning trades.

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India’s largest private sector oil explorer, RIL was trading at Rs.1087.55 down by 0.21%. The sectoral index, BSE Oil & Gas index, was however, positive at 10,197 points marginally up by 0.2% from its Friday’s closing.

Crude oil extended fall by declining 51 cents or 0.63% to USD 80.17 a barrel in the Asian electronic trading on Monday.

Fall in crude oil prices would result in lower realizations from crude sales for oil exploration firms. Light, sweet crude oil declined $1.52 or 1.85%, to $80.68 a barrel on the New York Mercantile Exchange on Friday, 19 March 2010 on strong dollar.

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