NEW DELHI: The BSE Oil & Gas index cut a sorry figure on Wednesday, stung by losses in oil marketing companies.

Counters of BPCL (down 3.39 per cent), HPCL (3.34 per cent) and Indian Oil Corporation (2.76 per cent) saw investors heading to the exit gate.

The BSE Oil & Gas index dropped 1.02 per cent to 14,377 around 11:30 am (IST).

Shares of Castrol India (down 0.55 per cent), Reliance Industries (0.27 per cent) and Petronet LNG (0.11 per cent) found themselves in the red.

Shares of the oil marketing companies (OMCs) started tanking due to a spike in crude prices after US President Donald Trump walked away from the landmark Iran nuclear deal, casting uncertainty over future supplies. The move may see a decline in oil production by OPEC members.

Oil India (up 1.08 per cent), Indraprastha Gas (0.45 per cent) and ONGC (0.11 per cent) were the three stocks on the oil & gas index that bucked the trend.

Benchmark NSE Nifty was up 3 points at 10,721 while the BSE Sensex was up 36 points at 35,252 in the morning.

While 15 Sensex stocks advanced, 16 ran up losses.