BPCL, HPCL, IOC stocks rally up to 4% on sharp retreat in crude oil prices
Shares of oil marketing companies (OMCs), including BPCL, HPCL, and IOCL, rallied up to 4% on Friday, January 16. HPCL’s share price jumped as much as 3.7% to ₹456.50 apiece, while BPCL rallied 3% to ₹367.75 and IOC gained as much as 2%.
The three state-run OMCs—Hindustan Petroleum Corporation Ltd, Bharat Petroleum Corporation Ltd, and Indian Oil Corporation Ltd—saw a sharp movement in their share prices, rebounding from recent weakness as the drop in global crude prices brought sentiment back to these counters, which had suffered losses lately.
