Reliance Industries (RIL) was trading over 3 per cent lower at Rs 1,182 apiece.
Among paint stocks, Asian Paints was down over 2.6 per cent to Rs 1,609 while Berger Paints was trading nearly 0.8 per cent lower at Rs 470.95. Kansai Nerolac slipped nearly 5 per cent to Rs 360.50 apiece. Oil is one of the key raw materials in paint manufacturing.
Aviation stocks, too, were trading in the red. While SpiceJet was down around 5 per cent at Rs 44.60, InterGlobe Aviation fell around 4 per cent to Rs 998.85.
That apart, tyre stocks were also trading in the negative zone. For instance, JK Tyres was down over 4 per cent at Rs 43.60, Apollo Tyres was down 2 per cent at Rs 88. MRF was also trading over 2 per cent lower at Rs 58,794 apiece on the BSE.
Measures to slow the spread of the coronavirus
have destroyed demand for fuel and driven down oil prices, straining budgets of oil producers and hammering the US shale industry, which is more vulnerable to low prices due to its higher costs, Reuters reported.
The group, known as OPEC+, said it had agreed to reduce output by 9.7 million barrels per day (bpd) for May and June.
"OPEC+ sources said they expected total global oil cuts to amount to more than 20 million bpd, or 20 per cent of global supply, effective May 1. OPEC had the same figure in its draft statement but removed it from the final version," the report added.