HPCL, BPCL to IOC: Why are oil stocks under pressure?
Shares of oil marketing companies (OMCs) such as Hindustan Petroleum Corporation Ltd (HPCL), Bharat Petroleum Corporation Ltd (BPCL) and Indian Oil Corporation (IOC) declined up to 4% on Thursday amid a sharp rise in global crude oil prices. The Nifty Oil & Gas index also fell nearly 0.5%.
HPCL share price dropped as much as 4.06% to ₹437.00 apiece, while BPCL shares fell 2.66% to ₹330.00 apiece and Indian Oil stock price declined 2.58% to ₹150.05 apiece on the BSE. Mangalore Refinery and Petrochemicals (MRPL) shares also tumbled 4.02% to ₹144.40 apiece.
