Shares of state-owned oil marketing companies (OMCs) were under pressure as Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) hit their respective 52-week lows on concerns of large losses in the July-September quarter (Q2FY23).
At 02:08 PM; these stocks were down 1 per cent, as compared to 0.72 per cent rise in the S&P BSE Sensex. Shares of Indian Oil Corporation (IOC) quoted flat at Rs 66.35 per share, after it hit an intra-day low of Rs 65.55 apiece. Earlier, the stock had hit a 52-week low of Rs 65.20 on September 29.
In the past one month, the stocks of OMCs have underperformed the market as they fell in the range of 5 per cent to 11 per cent, as compared to 1 per cent decline in the S&P BSE Sensex.
