Oil marketing companies shares drop after excise duty hike on petrol and diesel

NEW DELHI: Shares of oil marketing companies — Indian Oil Corporation Ltd, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd — on Wednesday plunged up to 13 per cent, a day after hike in excise duty on petrol and diesel.

Hindustan Petroleum Corporation Ltd (HPCL) shares tanked 13 per cent, Bharat Petroleum Corporation Ltd (BPCL) plunged 9.99 per cent and Indian Oil Corporation (IOC) dropped 7.49 per cent on the BSE.