Shares of oil marketers Indian Oil Corp Ltd , Hindustan Petroleum Corp Ltd and Bharat Petroleum Corp Ltd fell between 2 per cent and 2.5 per cent.
Oil prices rose for a fourth day, as rising tensions in the West Asia stoked fears of supply disruptions.
Brent crude futures rose 0.5 per cent from their last close. Indian Oil Corp fell as much as 2.3 per cent ahead of March-quarter results later in the day.
IOC was up 10.3 per cent, while HPCL has risen around 12 per cent this year, as of last close.