Shares of state-owned oil marketing companies (OMCs) such as Hindustan Petroleum Corporation (HPCL), Bharat Petroleum Corporation (BPCL) and Indian Oil Corporation (IOC) were down up to 6 per cent on Monday, after a steep rise in the crude oil prices.
Oil prices rallied by about 3 per cent on Monday to their highest level since the late 2018 as the United States looked set to announce that all buyers of Iranian oil must end their import or be subject to sanctions.
Among individual stocks, HPCL dipped 6 per cent to Rs 250, followed by BPCL (5 per cent at Rs 343) and IOC (4 per cent at Rs 149) on the BSE in intra-day trade. In comparison, the benchmark S&P BSE Sensex was down 0.67 per cent at 38,876 points at 11:45 am.
