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Reliance, HPCL, IndiGo, BPCL: Oil-sensitive stocks tumble as crude oil prices jump to near $110/barrel
4 min read | Updated on September 11, 2026, 10:31 IST
SUMMARY
Oil-sensitive stocks declined on Friday, September 11, as global crude oil prices surged to a 17-week high nearing $110 per barrel amid the re-escalations in West Asia.
Brent crude oil prices hit a 17-week high near $110 per barrel on Friday, September 11. | Image: Shutterstock
Oil-sensitive stocks like Reliance Industries, Hindustan Petroleum, Bharat Petroleum, InterGlobe Aviation (IndiGo), and Asian Paints, among several others, tumbled after the opening bell on Friday, September 11, as global crude oil prices hit a 17-week high near $110 per barrel (bbl).
NSE data showed that the sectoral benchmark index, Nifty Oil & Gas, lost 0.78% after the opening bell on September 11, declining to 10,943.80 points in comparison to 11,029.90 points at the previous equity market close.
Oil-marketing company (OMC) stocks like Hindustan Petroleum, Bharat Petroleum, Reliance, among others were dragging down the index as of the morning market hours.
With elevated crude oil prices in the market, oil downstream companies like OMC stocks, aviation stocks, tyre stocks, and paint stocks, among other oil-sensitive stocks, were witnessing selling pressure in the market.
While oil upstream companies like ONGC and Oil India were gaining on Friday’s market as these energy producers benefit from selling their production at a higher costs amid elevated prices.
Energy prices were rallying in the commodity markets due to elevated risk sentiment among investors amid the latest attacks between the United States and Iran, fears of another supply chain disruption and the volatile geopolitical environment in the West Asia region.
Investing.com data showed that benchmark Brent crude oil prices touched $109.68 per bbl on Friday’s market, marking its highest level since May 15, 2026.
Oil-sensitive stocks in focus today
| Company name | Current price | Intraday loss (%) | 5-day returns (%) |
|---|---|---|---|
| Hindustan Petroleum | ₹341.40 | -3.4% | -4.2% |
| Bharat Petroleum | ₹296.85 | -2.2% | -5.9% |
| Reliance Industries | ₹1,259.80 | -1.2% | -4.7% |
| Mahanagar Gas | ₹1,089 | -1.8% | -0.6% |
| Petronet LNG | ₹284.95 | -1.6% | -1% |
| Adani Total Gas | ₹594.50 | -1.5% | -3% |
| Indraprastha Gas | ₹151.81 | -1.5% | -4% |
| Indian Oil | ₹133.96 | -1.25% | -2.6% |
| Apollo Tyres | ₹413 | -2.2% | -3.8% |
| JK Tyre | ₹351.55 | -2% | -4.3% |
| IndiGo | ₹4,870 | -2.4% | -2.2% |
| Asian Paints | ₹2,456 | -2% | -2.8% |
How do higher oil prices impact stocks?
Elevated prices of crude oil in the market impact several companies across sectors, including oil marketing companies, aviation companies, tyre manufacturers, and paint companies, which use the energy source as a raw material in their production process.
As input costs or expenses towards raw materials increase for these companies due to higher purchasing prices of crude oil, it has a direct impact on the margins and profitability in a particular period.
In the case of OMCs, the companies buys crude oil in order to then refine it further into petrol, diesel, and other petroleum products.
For airlines, the largest expense for a company is tied up in aviation turbine fuel (ATF) or jet fuel, and any negative changes to global energy prices have a ripple effect, in turn increasing the fuel cost.
Companies in sectors like paints and tyres use crude-oil derivatives as raw materials. So, if the raw material cost rises in the market, then it always has a negative impact on the company's margins.
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