The rout of crude oil from A$115 a barrel in June 2014 to about $30 now has taken a toll on hydrocarbon explorers, including state-controlled Oil India. The company has had it tough for quite some time now profits declined in fiscals 2014 and 2015 and were almost flat in the first half of 2016. Falling oil and gas prices, production disruptions due to disturbances in North-East India (its main area of operations), an unfavourable subsidy sharing mechanism, and high cess on crude oil — all played a part. The stock has reacted, plummeting nearly 50 per cent since September 2014. It now trades at less than eight times its past 12-month earnings, compared with the five-year average of nearly 11 times.