Cairn India dropped 1.53%. India's biggest state-run oil exploration firm by revenue Oil & Natural Gas Corporation (ONGC) fell 0.81%. But, India's second biggest oil and gas exploration firm by revenue, Oil India, rose 0.48%.

ONGC underperformed the market over the past one month till 9 March 2010, declining 1.04% as compared to the Sensex's 6.3% rise. It had also underperformed the market in the past one quarter, falling 7.22% as compared to the Sensex's decline of 0.42%.

Cairn India underperformed the market over the past one month till 9 March 2010, rising 2.66% as compared to the Sensex's 6.3% rise. It had also underperformed the market in the past one quarter, falling 2.46% as compared to the Sensex's decline of 0.42%.

Oil India underperformed the market over the past one month till 9 March 2010, declining 3.28% as compared to the Sensex's 6.3% rise. It had also underperformed the market in the past one quarter, falling 10.61% as compared to the Sensex's decline of 0.42%.

Fall in crude oil prices would result in lower realizations from crude sales for oil exploration firms. Oil prices fell on Tuesday as the dollar rose and investors turned their attention to upcoming inventory data. Light, sweet crude for April delivery settled 38 cents or 0.5% lower at $81.49 on the New York Mercantile Exchange on Tuesday.

The government has no immediate plans to sell stake in state-run oil firms ONGC and Indian Oil Corporation, Oil Secretary S. Sundareshan said today.