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SUMMARY
The decline in OMCs, paint and tyre stocks are attributed to rising crude oil prices, as both industries rely heavily on petroleum-based raw materials for production.
1 / 8Shares of oil marketing companies, paints and tyre companies declined as much as 6% on Thursday.
2 / 8The sharp decline in the stock prices came after crude oil prices rose about 5% over the past three days amid a widening conflict in the Middle East.
3 / 8HPCL shares snapped their eight day winning streak, while BPCL and IOC fell for the second consecutive day.
4 / 8Among paint stocks, Berger Paints declined 6%, while Asian Paints, Kansai Nerolac Paints, Akzo Nobel, and Indigo Paints fell up to 4%.
5 / 8Similarly, tyre stocks like Apollo Tyres, Balkrishna Industries, Ceat, Goodyear, JK Tyre & Industries, and MRF tumbled up to 4%.
6 / 8The decline in OMCs, paint and tyre stocks are attributed to rising crude oil prices, as both industries rely heavily on petroleum-based raw materials for production.
7 / 8Oil prices rose on Thursday as the prospect of a widening Middle East conflict that could disrupt crude oil flows from the region overshadowed a stronger global supply outlook.
8 / 8Brent crude futures were up $1.02, or 1.38%, to $74.92 a barrel at 0840 GMT. US West Texas Intermediate crude futures were up $1.10, or 1.57%, to $71.20.
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