Oil importers fall as rupee slumps below 60-level

Shares in oil marketing companies extended losses on Tuesday after the rupee slipped below the 60 to the dollar mark, raising concerns about increased costs of importing oil.

The rupee fell to a three-week low on Tuesday, erasing all gains made since the Reserve Bank of India first announced early this month it would defend the currency by tightening cash, reflecting doubts about how long the central bank can sustain the measures.

Hindustan Petroleum Corp Ltd fell 10.4 per cent, Bharat Petroleum Corp Ltd fell 7.87 per cent and Indian Oil Corporation Ltd fell 8.33 per cent.

Copyright: Thomson Reuters 2013