Offshore service providers shares plunge on lower oil prices

MUMBAI: Shares of offshore and oilfield services providers plunged on concerns that demand for rigs and service platforms would fall as lower oil prices curb oil exploration opportunities.

Oil prices fell 5 per cent to $82 a barrel, a one-year low, as fears that market turmoil will send demand for fuel slumping outweighed news that OPEC will hold an emergency meeting in November.

At 11:30 am, shares of Aban Offshore were down 12.94 percent to Rs 942, Great Offshore slipped 6.04 per cent to Rs 270, while Garware Offshore fell to Rs 142, down 10.83 per cent.