HPCL, BPCL to IOCL: OMC stocks decline up to 2.6% even after petrol, diesel prices raised by ₹3/litre; here’s why

Shares of state-run oil marketing companies (OMCs) such as Hindustan Petroleum Corporation Limited (HPCL), Bharat Petroleum Corporation Limited (BPCL), and Indian Oil Corporation (IOCL) declined on Friday even after petrol and diesel prices were raised across the country for the first time in more than two years.

Despite state-run oil marketing companies increasing petrol and diesel prices, investor sentiment remained weak as the hike was seen as lower than market expectations amid the continued surge in global crude oil prices.