The Hinduja Group operates in various industries including automotive, oil and speciality chemicals as well as banking and finance. It runs private sector lender IndusInd Bank in India.
Along with falling demand, storage crunch also added to the big oil crash.
India is raising its crude oil storage capacity to equivalent of 87 days of demand, which include 67 days’ worth of commercial stocks held by refineries
Energy stocks have 12.5 percent weightage in the Nifty50 and 15.2 percent in the Sensex.
Oil price gains have been limited by concerns that an economic slowdown that has gripped large parts of Asia and Europe will dent growth in fuel demand.
Oil ports, producers and refiners in Louisiana, Mississippi and Alabama, which shut facilities ahead of Hurricane Nate, were planning to reopen on Monday as the storm moved inland, away from most energy infrastructure on the U.S. Gulf Coast.
Oil prices climbed on Tuesday, helped by expectations that an OPEC-led output cut would be extended beyond June but gains were pegged back by concerns about persistently high crude inventories.
Asian markets opened modestly higher on Thursday, likely taking cues from a stronger finish in the US, helped by rising oil prices and the release of dovish Fed Reserve minutes.
A weak dollar has also provided support as it makes crude cheaper for customers using other currencies.
At around 0330 GMT, US benchmark West Texas Intermediate (WTI) for delivery in June was up 31 cents, or 0.73 percent, at USD 42.95 and Brent crude for June rose 30 cents, or 0.67 percent, to USD 44.78.
Analysts believe this fall in oil prices started since June 2015 continued to be beneficial for country like India which is the major oil importer. Brent oil prices fell from USD 140-150 a barrel levels in June to around USD 30 a barrel (currently).
US crude prices bounced away from 12-year lows early on Friday after comments by an OPEC energy minister sparked hopes of a coordinated production cut, yet analysts said such a move remained unlikely and that oversupply would persist.
The front-month contract for West Texas Intermediate (WTI) was down USD 1.57 at USD 30.05, having dipped below USD 30. It fell USD 2, or 5.9 percent, the session before.
Analysts at Barclays, Macquarie, Bank of America Merrill Lynch, Standard Chartered and Societe Generale all cut their 2016 oil forecasts this week, with Standard Chartered saying oil could fall as low as $10 per barrel
US West Texas Intermediate (WTI) crude was down USD 1.55 at USD 31.61 per barrel by 11:35 am EDT (1635 GMT), having fallen to the lowest level since December 2003. Brent crude futures were down by USD 1.76 at USD 31.79 a barrel, after falling to the lowest level since April 2004
US crude futures traded above benchmark Brent prices, a pattern rarely seen over the last five years.
Brent slipped below $39 per barrel for the first time since December 2008 as the IEA, which advises developed nations on energy, warned that demand growth was starting to slow
A firmer US dollar also weighed on oil, making greenback-denominated contracts more expensive for holders of other currencies. Although trading was quiet after Thanksgiving Day in the United States.
WTI, Brent oil futures diverge in choppy session
US benchmark West Texas Intermediate (WTI) for October delivery fell USD 1.04 to USD 39.41 while Brent crude for October eased 91 cents to USD 44.55 in late-morning trade.
US benchmark West Texas Intermediate (WTI) for October delivery, a new contract, lost 49 cents to USD 40.83 a barrel in late-morning trade, while Brent crude for October tumbled 56 cents to USD 46.06 a barrel.
"US stockpiles unexpectedly expanded when the market was looking at a contraction, which heightened the global oversupply concerns," said Bernard Aw, a market strategist at IG Markets in Singapore.