OMC stocks plummet after excise duty hike on petrol, diesel

Shares of oil marketing companies (OMCs) crashed on the bourses on Wednesday, reacting to the decision of the central government to hike excise duty by Rs 10 per litre on petrol and Rs 13 per litre on diesel. The shares of OMCs fell sharply even as the benchmark Nifty50 was up by 0.7%.