Shares of oil marketing companies — Indian Oil Corporation Ltd, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd — on Wednesday trimmed most of their early losses at close of trade after plunging up to 13 per cent during the day after hike in excise duty on petrol and diesel.
Shares of Hindustan Petroleum Corporation Ltd (HPCL) settled 5.68 per cent lower, Indian Oil Corporation (IOC) slumped 2.73 per cent and Bharat Petroleum Corporation Ltd (BPCL) fell 0.94 per cent on the BSE.
During the day, HPCL tanked 13 per cent, Bharat Petroleum 9.99 per cent and Indian Oil 7.49 per cent.
Late on Tuesday evening, the Government hiked excise duty on petrol by Rs 10 per litre and that on diesel by Rs 13 a litre to mop up gains arising from international oil prices falling to a two-decade low.
