RIL, ONGC and other oil stocks fall up to 3% as crude logs sharpest intraday reversal

Indian oil stocks like Reliance, ONGC, and Oil India saw significant drops as Brent crude plummeted over $20 from its peak, falling below $90. This sharp decline followed US President Trump's optimistic comments about a swift resolution to the Iran conflict, easing supply disruption fears. The market reacted to potential impacts on India's import bill and inflation.