Shares of Indian refiners fell amid market weakness, tariff concerns, and fears over disrupted Russian crude oil supply.

• HPCL, BPCL, and IOC dropped 2–2.6%, Reliance slid 1.6% as the oil & gas index fell 1.2% overall.
• The market reacted to Trump’s 25% tariff threat and India’s energy trade risks with Moscow, dragging broader indices down 0.7%.
• Jefferies warns potential Russian crude supply shift may hurt refiners’ margins and profitability going forward.