Union Budget 2012-13: BSE Oil & Gas sector slips over 2%; ONGC, Cair India tanks

NEW DELHI: BSE oil & gas index drifted lower on Friday after the Finance Minister announced cess on crude petroleum oil products.

Finance Minister Pranab Mukherjee in his budget speech announced revised cess on crude petroleum oil products to Rs 4500 per metric tonne.

At 02:15 p.m., BSE oil & gas index was trading 2.4% lower led by losses in Cairn India which was trading 5.2% lower at Rs 348.40, ONGC dropped 4.8% to Rs 272.70 and Reliance Industries was trading 2% lower at Rs 782.