OMCs drop up to 5% as crude prices plummet

ONGC declined to the day’s low of Rs 309.2, with a fall of 4.2%. Chennai Petroleum Corporation shares dropped 5% to a low of Rs 933.3. GAIL and Oil India also witnessed a slide of up to 2%. Crude oil prices continued to slip on Wednesday. The US crude futures fell over 0.5%, following a more than 4% drop on Tuesday.