GET Stock QuotesNews18 APP
News18 English
»
1-min read

Oil Stocks Plunge up to 25% Post Fuel Price Cut by Govt

Intra-day, the shares of ONGC, HPCL, IOC and BPCL touched their 52-week low on the BSE.

PTI

Updated:October 5, 2018, 7:19 PM IST
facebookTwittergoogleskypewhatsapp
Oil Stocks Plunge up to 25% Post Fuel Price Cut by Govt
File photo: A worker holds a nozzle to pump petrol into a vehicle at a fuel station in Mumbai. (Image: REUTERS)
Loading...
New Delhi: Shares of oil marketing companies on Friday fell over 25 percent as the government announced Rs 2.50 per litre cut in petrol and diesel prices.

On the BSE, shares of Hindustan Petroleum Corp Ltd (HPCL) tanked 25.18 per cent to end at Rs 165.05 and Bharat Petroleum Corp eased by 21.11 per cent to Rs 265.35.

Besides, Indian Oil Corp (IOC) tumbled 16.19 per cent to Rs 118.05 and Oil and Natural Gas Corp (ONGC) lost 15.93 per cent to close at Rs 146.95.

ONGC was also the biggest loser on the 30-share index.

Intra-day, the shares of ONGC, HPCL, IOC and BPCL touched their 52-week low on the BSE.

Similarly, on the NSE all touched their 52-week low during intra-day.

The government on Thursday announced Rs 2.50 per litre cut in petrol and diesel prices after it reduced excise duty by Rs 1.50 a litre and asked oil companies to absorb another rupee.

The move to ask state-owned oil firms, who were given pricing freedom, to absorb rupee per litre was seen as a return of government control over pricing, leading to stocks of IOC, BPCL and HPCL tanking.

Market experts said the fuel price cut would have negative implications for upstream public sector companies.

"The government's decision to curtail marketing margins on auto fuels by Rs 1/litre brings to fore the earnings uncertainty for oil PSUs, associated with an environment of higher crude prices amid the government's socio-economic compulsions," Kotak Institutional Equities said in a research note.
| Edited by: Padmaja Venkataraman
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Indiabulls Hsg 713.15 9.08
Reliance 1,062.65 -3.51
ICICI Bank 327.10 3.69
HDFC Bank 1,998.90 1.58
Dewan Housing 188.40 -10.52
Company Price Change %Gain
Indiabulls Hsg 714.45 9.20
Dewan Housing 190.10 -10.25
SBI 259.95 -0.35
Axis Bank 561.10 -0.20
Reliance 1,062.45 -3.56
Top Gainers
Company Price Change %Gain
Indiabulls Hsg 713.15 9.08
Eicher Motors 22,425.10 3.70
ICICI Bank 327.10 3.69
HCL Tech 980.05 2.25
NTPC 164.85 2.11
Company Price Change %Gain
ICICI Bank 327.00 3.84
NTPC 165.00 1.95
Bajaj Auto 2,556.80 1.86
HDFC Bank 1,993.00 1.38
Vedanta 213.25 0.99
Top Losers
Company Price Change %Gain
IndusInd Bank 1,449.45 -8.07
BPCL 271.15 -4.37
UltraTechCement 3,463.25 -4.05
Reliance 1,062.65 -3.51
Bajaj Finserv 5,250.20 -3.12
Company Price Change %Gain
IndusInd Bank 1,442.20 -8.52
Reliance 1,062.45 -3.56
Yes Bank 211.00 -3.08
ONGC 156.10 -3.07
Asian Paints 1,201.45 -2.95

Live TV

Loading...
Loading...