New Delhi, Oct. 23 -- Shares of oil marketing companies (OMCs) such as Hindustan Petroleum Corporation Ltd (HPCL), Bharat Petroleum Corporation Ltd (BPCL) and Indian Oil Corporation (IOC) declined up to 4% on Thursday amid a sharp rise in global crude oil prices. The Nifty Oil & Gas index also fell nearly 0.5%.

HPCL share price dropped as much as 4.06% to Rs.437.00 apiece, while BPCL shares fell 2.66% to Rs.330.00 apiece and Indian Oil stock price declined 2.58% to Rs.150.05 apiece on the BSE. Mangalore Refinery and Petrochemicals (MRPL) shares also tumbled 4.02% to Rs.144.40 apiece.

The sell-off in oil stocks came after crude oil prices surged, with the Brent oil prices gaining more than 3%. Higher crude oil prices weigh on the margins...