May 23, 2018 / 7:19 AM / in 6 months

Sensex, Nifty fall, oil stocks top drag

A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, August 24, 2015. REUTERS/Danish Siddiqui/Files

(Reuters) - Indian shares fell on Wednesday, dragged by energy stocks such as Hindustan Petroleum Corp Ltd and Oil and Natural Gas Corp Ltd (ONGC) on rising concern that the government may ask state-owned oil firms to share the burden of higher petrol and diesel prices.

The broader NSE Nifty closed 1.01 percent lower at 10,430.35, while the benchmark BSE Sensex fell 0.88 percent to 34,344.91. Both the indexes fell over 1 percent in the last hour of trading.

Hindustan Petroleum declined nearly 8 percent, while ONGC dropped 5.3 percent.

Vedanta Ltd fell 6.4 percent to its lowest close since June 30, 2017, after an Indian court halted the proposed expansion of Vedanta Resources Plc’s copper smelter in the southern state of Tamil Nadu. On Tuesday, 11 people were killed when police fired on protesters seeking closure of the plant on environmental grounds.

Reporting by Krishna V Kurup in Bengaluru; Editing by Subhranshu Sahu

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