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BSE Oil and Gas Index drops

February 5, 2010

INDIA

The BSE Oil & Gas Index dropped 3.4 percent on Friday in a broader market that fell 2.7 percent to its lowest close in three months.

Reliance Industries led the Oil & Gas Index fall with a 3.7 percent drop.

According to CNBC TV18’s business channel, the energy major has submitted a $2 billion expression of interest for private Canadian firm Value Creation Inc, which holds oil sands assets. Reliance fell to 981.30 rupees, its lowest close in three months.

The Oil and Gas Index has posted a near 10 percent fall since January this year and stocks like Reliance Industries and ONGC have dropped over 9 percent and 7 percent respectively?

Do you think these stocks will gain in the near future?

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