Mol Nyrt. (MOL), the biggest oil refiner in Hungary, fell for a second day as the commodity traded close to its lowest price in eight months and a three-notch downgrade of Spain’s credit rating drove investors from riskier assets.

The stock dropped 1.1 percent to 15,970 forint as of 12:25 p.m. in Budapest, adding to a 2.1 percent retreat yesterday. The BUX (BUX) index of 11 equities, where Mol has a 32 percent weighting, declined 0.2 percent today.

To contact the reporter on this story: Krystof Chamonikolas in Prague at kchamonikola@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net