OMC shares skid
image for illustrative purpose
New Delhi: Shares of Oil Market Companies (OMCs) -- Indian Oil Corporation, BPCL, and HPCL -- tumbled on Friday after the petrol and diesel prices were cut by Rs2 per litre each. The stock of Hindustan Petroleum Corporation Limited (HPCL) plummeted 8.10 per cent to Rs459.60 on the BSE. Shares of Indian Oil Corporation (IOC) tanked 6.80 per cent to Rs158.40 and Bharat Petroleum Corporation Limited (BPCL) dropped 6.37 per cent to Rs570.20. This is the first revision in rates in nearly two years. Petrol in the national capital will now cost Rs94.72 a litre as compared to Rs96.72 per litre previously while the price of diesel will now come to Rs87.62 as opposed to Rs89.62 currently, a price notification of state-owned fuel retailers said. In the equity market, the BSE benchmark traded with a decline of 529 points or 0.72 per cent at 72,568.28.
