BPCL, IOC, HPCL stocks slide 1-3% on reports OMCs may bear LPG subsidy cost
Shares of oil marketing companies (OMCs) were under selling pressure in Wednesday’s trade, a day after the government rolled out a Rs 200 subsidy on domestic LPG cylinders.
Stocks of Indian Oil Corp (IOCL), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) slid 1 per cent to 2.5 per cent intra-day.
The pressure on the companies, which are the leading domestic LPG suppliers in India, came as reports said that the three OMCs will bear the cost of the LPG cylinder price cut.
